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UK heads for long recession as economy shrinks by 0.2% | Economic growth (GDP)

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Britain’s economic system shrank by 0.2% within the three months to September, in what is predicted to be the start of an extended recession.

In its first estimate of progress within the third quarter, the Workplace for Nationwide Statistics introduced a bleak image of the economic system earlier than subsequent week’s autumn assertion from the chancellor, Jeremy Hunt.

The Financial institution of England expects the most recent gross home product figures to be the beginning of a protracted UK recession – as rising rates of interest and the price of dwelling take their toll on exercise – lasting till the top of subsequent 12 months. One other damaging progress determine for the ultimate three months of 2022 would verify a technical recession.

The ONS mentioned the efficiency of the economic system within the three months to September had been affected by the additional financial institution vacation for the funeral of Queen Elizabeth II, which led to weaker exercise.

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