UK economy shrinks by 0.2 percent, London, United Kingdom - 11 Nov 2022
Buildings in the financial district of The City of London in London, Britain, 11 November 2022. Britain's Chancellor of the Exchequer Jeremy Hunt has warned of a 'tough road ahead' after the UK economy shrank in the three months to September, suggesting the beginning of a lengthy recession. The Office for National Statistics (ONS) showed Gross Domestic Product (GDP) fell by 0.2 percent in the third quarter. The Bank of England expects the latest GBP figures to be the start of a prolonged UK recession due to rising interest rates and the cost of living.