UK economy slipped into recession last year

Official statistics published on Thursday confirmed the UK economy slipped into a technical recession in the second half of last year.

The Office for National Statistics said gross domestic product fell 0.3 per cent quarter on quarter in the last three months of 2023, following a 0.1 percent fall in the previous period, confirming initial estimates.

This means that the economy contracted for two consecutive quarters, the definition of a technical recession, reflecting the impact of the cost of living crisis and high borrowing costs.