*UK economy falls into recession, adding to Sunak's election challenge* By Suban Abdulla <https://www.reuters.com/authors/suban-abdulla/> and Andy Bruce <https://www.reuters.com/authors/andy-bruce/>
February 15, 20242:29 AM PSTUpdated 3 days ago *Summary**:* - Companies - UK GDP contracts 0.3% in Q4 2023, sealing recession - Economic output stands only 1% higher than pre-COVID level - Finance minister Hunt sees signs of brighter times ahead - Labour, ahead in polls, says government plan not working - GDP per person shrinks, longest run without growth on record LONDON, Feb 15 (Reuters) - Britain's economy fell into a recession in the second half of 2023, a tough backdrop 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% in the three months to December, having shrunk by 0.1% between July and September, official data showed. The fourth-quarter contraction was deeper than all economists' estimates in a Reuters poll, which had pointed to a 0.1% decline. 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 March 6. Thursday's data means Britain joins Japan among the Group of Seven advanced economies in a recession, although it is likely to be short-lived and shallow by historical standards. Canada has yet to report GDP data for the fourth quarter. Full here <https://www.reuters.com/world/uk/uk-economy-entered-recession-second-half-2023-2024-02-15/?utm_source=Sailthru&utm_medium=Newsletter&utm_campaign=Daily-Briefing&utm_term=021524&user_email=33dee92dab3c2b79379cfed68ab2f82f72439eb589d2351f70f078258538bf56> JAI -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#28975): https://groups.io/g/marxmail/message/28975 Mute This Topic: https://groups.io/mt/104430375/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
