The UK economy is on the verge of recession after unexpectedly contracting by 0.3 per cent in August according to monthly GDP figures from the Office for National Statistics. There was a 1.6 per cent decline in manufacturing and a 0.1 per cent fall in services.
In a further sign of economic weakness, GDP growth in July was downgraded from 0.2 per cent to 0.1 per cent, and revised ONS data showed the British economy has yet to return to its pre-pandemic size. Whereas the American and French economies are nearly 3 per cent and 0.9 per cent larger respectively than before the pandemic, Britain’s is still 0.2 per cent smaller.
[See also: Will Kwasi Kwarteng end up having to resign?]
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