UK Heads for Long Recession as Economy Shrinks by 0.2%

THE GUARDIAN: ONS figures for three months to September give bleak picture in run-up to chancellor’s autumn statement

Britain’s economy shrank by 0.2% in the three months to September, in what is expected to be the beginning of a long recession.

In its first estimate of growth in the third quarter, the Office for National Statistics (ONS) presented a bleak picture of the economy before next week’s autumn statement from the chancellor, Jeremy Hunt.

Activity in the service sector ground to a halt, with zero growth over the quarter, driven by a fall in consumer spending as households came under mounting pressure from the cost of living crisis.

Growth in the construction sector slowed, while factory output slumped because of a sharp decline in manufacturing as some businesses continued to struggle with supply chain difficulties and shortages of key materials. » | Larry Elliott and Richard Partington | Friday, November 11, 2022

Europe Braces for Recession as Economies Falter: Britain’s economic output fell in the third quarter and European Union officials forecast weakening growth for countries across the continent. »