The latest data shows that the UK economy fell by 0.3% across the three months to August
Sports events had a slower August after a strong July, with retail, hairdressers and hotels “all faring relatively poorly”, he added.
“That is why this Government acted quickly to put in place a comprehensive plan to protect families and businesses from soaring energy bills this winter. which forced the Bank of England to intervene with an emergency bond-buying operation to stem a collapse of pension funds following a market meltdown.
But David Bharier, head of research at the British Chambers of Commerce, warned the data showed that “the economy was already stalling” before Mr Kwarteng’s mini-Budget on 23 September, which sparked market chaos.
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UK economy shrank unexpectedly by 0.3 per cent in August, official figures showThe UK economy unexpectedly shrank by 0.3 per cent in August, official figures from the Office of National Statistics have shown.
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Economy shrinks unexpectedly in AugustThe economy slowed in August, contracting by 0.3% on the previous month. Business Sec Jacob Rees-Mogg MP says the UK has 'consistently had the lowest level of interest rates in history' and adds that 'markets move quickly' 👉 📺 Sky 501 and YouTube
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UK economy shrinks in August as cost of living crisis bites\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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UK on brink of recession after economy shrinks againThe drop of 0.3% comes after similar turmoil earlier in the year, when in April gross domestic product fell by 0.3%, compared to a fall of 0.1% in March.
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