THE economy slumped into recession last year dealing a hammer blow to Rishi Sunak’s growth pledge, official figures showed today.
The Office for National Statistics said GDP fell by a worse than expected 0.3 per cent in the last three months of 2023. That followed a 0.1 per cent dip in the third quarter. Economists define a recession as two consecutive quarters of negative growth. Labour and the Liberal Democrats immediately sought to tie the Prime Minister to the downturn hitting Britain, branding it “Rishi’s recession”. But Chancellor Jeremy Hunt stated: “There are signs the British economy is turning a corner.”
Shadow chancellor Rachel Reeves responded: “The Conservatives have now put our economy into reverse.” More detailed data painted a bleaker picture than the headline figures, with GDP per person falling in every quarter last year and down 0.7 per cent over 2023 as a whole.
It was the first time the UK has experienced a recession since the Covid pandemic, and excluding the exceptional circumstances of lockdowns, it was the first downturn since the financial crisis in 2008 and 2009.
Bu hikaye Evening Standard dergisinin February 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Evening Standard dergisinin February 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Why are England wasting time waiting for Tuchel?
Winning the World Cup is the aim, so the new boss should start now
He's been shot, and punched by Mike Tyson, but British boxing's great survivor is back on top and aiming to rule the world
This is where the magic happens,\" reads a big neon sign scrawled across the entrance to the offices of arguably the most powerful man in British boxing today.
How Sketch went from 'obscene' to era-defining
After arocky start, the glamorous and infamous restaurant is now an institution
Money is worth less than time'
He's quit Fendi, but what will Kim Jones do next?
London's Roman Amphitheatre
Guildhall Yard, EC2V
Liberals didn't notice they'd lost relevance in the all-consuming digital sphere
There are many reasons why Donald Trump might have won the election last week.
Do we have to die?
One neuroscientist thinks the answer is no
How to have a magical Christmas in Edinburgh
From cosy cobblestone streets to abundant Yuletide goings-on, few cities rival the Scottish capital in creating Christmas whimsy.
London's best festive restaurants
The social season is upon us once more. These are the city’s most coveted Christmas venues, which need to be booked soon so as to not miss out on the tinsel and tipples.
Rag'n'Bone Man
I struggle with being recognised... I'll never really feel comfortable with it'