[ad_1]
Britain’s gross domestic product fell 0.2% in the July-September period, ending five consecutive quarters of growth, the Office for National Statistics said on Friday.
Britain’s economy contracted in the July-September period, with GDP falling 0.2%, the Office for National Statistics (ONS) reported on Friday. According to RT, it was the biggest quarterly drop in the country’s economy since early 2021, when the country went into lockdown amid the Covid-19 pandemic.
While analysts had previously warned of a bigger drop in the country’s GDP, the results showed the UK economy was suffering, largely due to the cost of living crisis and related rising interest rates, which tend to slow growth.
If the UK economy continues to shrink in the final quarter of the year, as widely expected, it will enter a recession with two consecutive quarters of negative growth, according to experts.
Commenting on the figures, Britain’s new Chancellor of the Exchequer Jeremy Hunt said the country was facing some tough decisions to bring the economy back to stability.
“We are not immune to the global challenges of high inflation and slow growth…I don’t imagine a hard road ahead – extremely difficult decisions are required to restore confidence and economic stability. But long-term, sustainable growth, we need to control inflation, balance the account and reduce debt,” the official said.
Hunt is now expected to deliver his first fiscal statement as chancellor next week, when he will lay out measures aimed at getting the economy back on track. The measures will reportedly include deep spending cuts, new taxes and increases in existing ones.
[ad_2]
Source link
