Last week, UK chancellor Kwasi Kwarteng launched a bid to boost economic growth with the largest tax cutting exercise for half a century. What this so-called mini-budget has since overshadowed, however, was an admission by the Bank of England the previous day that the UK may already be in a recession.
The fact that this statement from the UK central bank has been lost amid news of a plunging pound and general financial market volatility is no surprise, but it also speaks to the difficulties in trying to pin down whether or not an economy has actually entered a recession.
