In a blow to the government's economic standing, the Office for National Statistics (ONS) said the economy, as measured by gross domestic product, shrank by 0.3% in the last three months of the year, unrevised from an earlier estimate.
It followed a contraction of 0.1% in the third quarter of 2023, confirming a technical recession - two consecutive quarters of negative growth.
As he prepares for a general election, Rishi Sunak has been seeking to reassure Conservative MPs that the economy is turning round, after business surveys showed a recovery in private sector activity in the first few months of the year.
A steep fall in inflation in recent months is expected to prompt the Bank of England to start cutting interest rates this summer, easing the pressure on mortgage payers and indebted businesses.
Diese Geschichte stammt aus der March 29, 2024-Ausgabe von The Guardian.
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