Most economists were forecasting a 0.1 per cent decline in gross domestic product (GDP) between October and December. It marks the first time the UK has entered recession since the first half of 2020, when the initial Covid-19 lockdown sent the economy plunging into reverse. Liz McKeown, ONS director of economic statistics, said: “Our initial estimate shows the UK economy contracted in the fourth quarter of 2023. “While it has now shrunk for two consecutive quarters, across 2023 as a whole the economy has been broadly flat. During a recession, unemployment levels can rise.

Source: The Times February 15, 2024 11:27 UTC