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The latest official data from the UK shows that the UK economy fell into recession in the second half of 2023.
The UK's gross domestic product (GDP) fell by 03%, a larger-than-expected decline. From July to September last year, UK GDP fell by 01%。
Overall, the UK economy grew by 01%。
If GDP falls for two consecutive quarters (or three months), the UK economy is considered to be in recession.
The INE figures are another blow to Prime Minister Rishi Sunak, who vowed to develop the economy in January last year. Although the Bank of England said that the British economy is expected to pick up in 2024, slow growth this year will still hinder Sunak's efforts to win voter support in **.
Liz McKeown, director of statistics at the Office for National Statistics, said that although the British economy has shrunk for two consecutive quarters, the economy as a whole has been generally stable last year.
Meanwhile, Finance Minister Jeremy Hunt has less than three weeks to unveil his latest budget. Treasury sources said Hunt was considering a larger reduction in public spending as a way to cut taxes.
In a statement on the same day, Hunt said: "There are signs that the UK economy is taking a turn for the better; Institutions agree that economic growth will strengthen in the coming years, with wages outpacing prices, mortgage rates falling, and unemployment remains low. ”
"While life remains difficult for many families, we must stick to the plan to cut taxes on jobs and businesses to build a stronger economy," he also said. ”