There are growing fears that the cost-of-living crisis may plunge the UK into recession. Official figures have shown Britain’s economy grew at the slowest pace for a year at the start of 2022.
The Office for National Statistics (ONS) said gross domestic product (GDP) rose by 0.8% between January and March, down from growth of 1.3% in the previous three months and the weakest since the first quarter of last year. The figures showed that on a monthly basis, GDP fell by 0.1% in March after growth stalled in February and rose by 0.7% in January.
While the expansion means GDP is now 0.7% above levels seen before the pandemic struck, the figures are likely to mark the calm before the storm as warnings are growing over a recession in the UK as the cost-of-living crisis deepens.
