Fears are mounting of a recession in the UK after the beginning of 2022 saw Britain's economy grow at the slowest pace for a year. Official figures show that the economy shrunk in March amid concerns over the cost of living crisis.
Numbers released by the Office for National Statistics (ONS) said that GDP increased by 0.8 per cent from January to March. This was down from the previous three months' growth of 1.3 per cent, and was also the weakest since the first quarter of last year.
GDP fell by 0.1 per cent on a monthly basis in March following a stall in growth in February and a 0.7 percent rise in January. The expansion does mean that GDP is currently 0.7 per cent above the levels which were seen before the pandemic.
