Latest GDP report shows that economy shrank by 0.3% in October-December, worse than expected
UK economy in recession as households cut spending
Net trade, household spending and government consumption all contracted in the final quarter of last year, helping to push the UK economy into a technical recession.
Household expenditure fell by 0.1% in real terms (adjusted for inflation) in Q4 2023, following a downwardly revised fall of 0.9% in Q3, as consumers cut back in the cost of living squeeze.
Continue reading…Latest GDP report shows that economy shrank by 0.3% in October-December, worse than expectedUK economy in recession as households cut spendingNet trade, household spending and government consumption all contracted in the final quarter of last year, helping to push the UK economy into a technical recession.Household expenditure fell by 0.1% in real terms (adjusted for inflation) in Q4 2023, following a downwardly revised fall of 0.9% in Q3, as consumers cut back in the cost of living squeeze. Continue reading…