BRITONS were warned today that the "worst is yet to come" as the UK economy slumped to its first quarter of negative growth since Covid restrictions were largely lifted in the spring of 2021.
Official GDP figures released this morning showed output tumbled in June by 0.6 per cent. Despite hopes that the economy would bounce back strongly after the pandemic, the data showed that it was now going backwards with GDP shrinking by 0.1 per cent between April and June.
The figures underlined the darkening economic outlook for the country with the Bank of England last week forecasting a long recession as inflation soars to more than 13 per cent.
It also added to the pressure on the Government and the two Tory leadership candidates battling to become Britain's next Prime Minister to set out urgent plans to deal with soaring energy bills forecast to hit more than £5,300 a year next April.
Chancellor Nadhim Zahawi tried to put a brave face on the figures saying he was confident the UK would "pull through", adding that he was determined to work with the Bank to get "inflation under control and grow the economy".
But economists and opposition politicians said that while the GDP figures were slightly better than feared, they were a clear warning of the tough times ahead. Suren Thiru, economics director for the Institute of Chartered Accountants, said: "The UK economy is sliding closer to recession and the worst is yet to come."
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Denne historien er fra August 12, 2022-utgaven av Evening Standard.
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