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The Guardian - UK

Business

Phillip Inman

Retail slump raises spectre of recession as Hunt looks more Truss-like by the day

Recession Jeremy Hunt Alex Kerr Economy United Kingdom

Britain's chancellor of the exchequer Jeremy Hunt attends a session on artificial intelligence during the World Economic Forum annual meeting in Davos on 18 January 2024. — Jeremy Hunt at the World Economic Forum’s annual meeting in Davos this week. Photograph: Fabrice Coffrini/AFP/Getty Images

The UK economy was probably in recession during the second half of 2023 if the latest retail sales figures were anything to go by.

A surprise 3.2% slump in the level of sales in Great Britain during December appeared to show the cost of living crisis was continuing to hurt household finances despite a rise in wages that gave many consumers a bit more spending power.

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