GDP fell 0.3% in three months to December after collapse in retail sales in run-up to Christmas
Business live – latest updates
The UK economy fell into recession at the end of last year as hard-pressed households cut back on spending amid the cost of living crisis, in a heavy blow to Rishi Sunak’s promise to kickstart growth.
The Office for National Statistics said gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and collapse in retail sales in the run-up to Christmas.
About Author
More Stories
Boeing production in 2024 expected to be less than half of rival Airbus
Apple asks investors to block proposal to scrap diversity programmes
Axos Financial: how the US bank became one of Trump’s biggest backers