Summary:
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The economy of the UK shrank between July and September, which is a sign that the country is heading toward a recession.
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Between July and September, rising prices hurt businesses and households, which caused the economy to shrink by 0.2%. When a country’s economy shrinks for two sets of three months in a row, this is called a recession.
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By the end of the year, the UK is likely to be in one.
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The Bank of England said the recession would last longer than any other in history.
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In the three months leading up to September, the economy shrank.
The economy of the UK shrank between July and September, which is a sign that the country is heading toward a recession.
Between July and September, rising prices hurt businesses and households, which caused the economy to shrink by 0.2%.
When a country’s economy shrinks for two sets of three months in a row, this is called a recession. By the end of the year, the UK is likely to be in one.
The Bank of England said the recession would last longer than any other in history.
People in the UK have been expecting a recession for a while now because the prices of goods like food, fuel, and energy have increased so much. This is due to several things, including the war in Ukraine.
In the three months leading up to September, the economy shrank. This was caused by a drop in manufacturing, which was seen “across most industries,” according to the Office of National Statistics (ONS), which released the numbers.
It said that industries dealing with customers also “didn’t do well,” and shops were hit hard.
Prices for goods have been going up quickly for the past 40 years, which has caused many families to cut back on spending.
Analysis by: Advocacy Unified Network
