Britain’s economy shrank by 0.3% between July and August, down from downwardly revised growth of 0.1% the previous month, according to the Office for National Statistics (ONS). Experts had been expecting economic growth to flatline in August.
The latest data means the economy is on track to contract overall in the third quarter, with the ONS confirming there would need to be growth of more than 1% in September to prevent a quarterly decline. The ONS said there has been a continued slowing in three-month on three-month growth, with gross domestic product (GDP) falling by 0.3% in the quarter to August.
Chancellor Kwasi Kwarteng said: “Countries around the world are facing challenges right now, particularly as a result of high energy prices driven by Putin’s barbaric action in Ukraine. That is why this Government acted quickly to put in place a comprehensive plan to protect families and businesses from soaring energy bills this winter.
