The UK economy contracted in the second quarter as it was hit by the cost of living crisis

Official data released on Thursday (August 11) showed that gross domestic product (GDP) contracted by 0.1% quarter-on-quarter in the second quarter of this year, following a 0.8% increase in the previous quarter.

The UK economy contracted in the second quarter of 2022 as it was hit by the cost of living crisis.

Last week, the Bank of England (BoE) warned that the UK economy will enter its longest recession since the financial crisis in the fourth quarter of this year and expects inflation to peak at more than 13% in October.

Leave a Reply

Change Language
%d bloggers like this: