UK economy will get worse before it gets better, warns chancellor
The UK economy will get worse before it gets better, Chancellor Jeremy Hunt has said after figures revealed it shrank further between August and October.
The economy contracted by 0.3% during the three months as soaring prices hit businesses and households and the UK is forecast to be heading into recession.
He said: “These figures confirm that this is a very challenging economic situation here and across the world.
“And it will get worse before it gets better.”
Over the three months, economic activity in the UK slowed across all the main sectors including production, construction and services.
A country is in recession when its economy shrinks for two three-month periods in a row.
Read more at BBC News
