The UK's economy shrunk by 0.2% in the three months to September, in a move widely feared to be the start of a long recession. The Office for National Statistics (ONS) said that gross domestic product (GDP) had fallen by 0.6% in September, in part due to the Queen’s funeral.
It could be the beginning of a recession – which is defined as two quarters of shrinking GDP in a row. It comes just a week after the Bank of England published a caveated forecast that the UK might be headed for an eight-quarter recession – the longest consecutive recession since reliable records began in the 1920s.
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