Reuters: Data confirms UK economy entered recession in the previous year

In a shocking revelation, official figures have confirmed that Britain’s economy entered a recession in the latter half of 2023. According to the Office for National Statistics, GDP decreased by 0.1% in the third quarter and by 0.3% in the fourth quarter, matching preliminary estimates previously reported. Despite some improvement at the beginning of 2024, with GDP growing by 0.2% in January and continued growth reported in February and March according to unofficial surveys, Britain’s economy has only managed to recover a mere 1% from its late 2019 levels, making it the slowest performer among G7 nations except for Germany.

The Bank of England has indicated that British inflation is nearing a level where they can begin reducing interest rates. The Bank expects the economy to grow by just 0.25% this year, while official budget forecasters are more optimistic, expecting a 0.8% expansion in the economy. However, following the release of this data, the value of sterling against both the U.S. dollar and euro remained relatively stable.

By Sophia Gonzalez

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