UK economy is in recession

[andhra_jp]

The Office for National Statistics said U.K. gross domestic product shrank by 0.3% in the final three months of the year, notching the second consecutive quarterly decline.

All three main sectors of the economy contracted in the fourth quarter, with the ONS noting declines of 0.2% in services, 1% in production and 1.3% in construction output.

Across the whole of 2023, the British GDP is estimated to have increased by just 0.1%, compared to 2022. For the month of December, output shrank by 0.1%.

Treasury sources have confirmed to BBC News that the chancellor is looking at a larger pencilled-in squeeze on public spending as a way to deliver tax cuts.

[jpismahatma]

Ma USA lo printing machine + senile old  presidi

[andhra_jp]