UK economic contraction heralds start of protracted recession

The Bank of England, which has raised interest rates eight times since December, says a recession is the inevitable price of bringing double-digit inflation under control

British household spending fell by 0.5% in the quarter.

The UK economy shrank in the third quarter for the first time since the final lockdown of the pandemic as the cost-of-living crisis squeezed spending.

Gross domestic product fell 0.2%, marking the start of what is expected to be a protracted recession.