Chancellor Jeremy Hunt has warned of a 'tough road ahead' after the UK's economy shrunk by 0.2 per cent between July and September, in what some experts say could be the start of the longest recession since record began.
Jeremy Hunt issued a warning after the UK took its first step towards what the Bank of England said could be a historic recession.Chancellor Jeremy Hunt has warned of a "tough road ahead" after the UK's economy shrunk by 0.2 per cent between July and September, in what some experts say could be the start of the longest recession since record began.Because a recession is defined as two consecutive quarters of shrinking GDP, it is the first step towards a recession in the UK.
In July the economy had previously thought to have risen by 0.1 per cent - the ONS changed that to 0.3 per cent. The Bank itself said it did not expect rates to reach such a high level, which would imply that the recession could be less drawn out. "Services were flat overall, but consumer-facing industries fared badly, with a notable fall in retail."
"While the world economy faces extreme turbulence, the fundamental resilience of the British economy is cause for optimism in the long run."Cost of living payments: Check if you are eligible for £324 help and when it will arrive in your account
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jeremy Hunt has a choice between politics and economics\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t
Read more »
Jeremy Hunt considers cutting threshold on top rate of UK income tax\n\t\t\tGet local insights from Lisbon to Moscow with an unrivalled network of journalists across Europe,\n\t\t\texpert analysis, our dedicated ‘Brussels Briefing’ newsletter. Customise your myFT page to track\n\t\t\tthe countries of your choice.\n\t\t
Read more »
Jeremy Hunt may break 2019 manifesto promises in scramble to find £60bn savingsMinisters will be told they need to slim down their budgets but the details will not be announced at the Chancellor's Autumn Statement next week
Read more »
Wes Streeting Apologises For Calling Jeremy Corbyn 'Senile' In House Of CommonsThe shadow health secretary insisted he made the comment 'in jest'.
Read more »
Spanish cops finally launch hunt for Levi Davis - 10 days after he was last seenA FORMAL hunt for missing X Factor and rugby star Levi Davis has finally begun, Spanish police have said. Barcelona cops said they were no longer waiting for a missing persons report to be submitte…
Read more »