AMN
Britain’s economy fell into a recession in the second half of 2023, ahead of this year’s expected election for Prime Minister Rishi Sunak who has promised to boost growth.
Gross domestic product (GDP) contracted by 0.3 per cent in the three months to December, having shrunk by 0.1 per cent between July and September, official data showed.
Sterling weakened against the dollar and the euro. Investors added to their bets on the Bank of England (BoE) cutting interest rates this year and businesses called for more help from the government in a budget plan due on the 6th of March.
Thursday’s data means Britain joins Japan among the Group of Seven advanced economies in a recession. Canada has yet to report GDP data for the fourth quarter