Britain’s economy declined in the third quarter despite skyrocketing inflation, according to official figures released on Friday, possibly indicating the country is already in a recession and delivering incoming Prime Minister Rishi Sunak a fresh setback.
According to the Bank of England, the UK economy will also decrease in the current fourth quarter, indicating that the country is currently experiencing a recession that might endure until mid-2024.
The numbers released on Friday come before the Conservative government’s important budget announcement the following week, which is intended to restore much-needed political and economic stability to Britain.
Sunak, who has just been in office for less than three weeks, has already come under scrutiny for his political judgment after admitting on Wednesday that he should not have chosen a disgraced ally.
According to data released by the British Office for National Statistics on Friday, the nation’s GDP shrank by 0.2% between July and September, in part as a result of businesses closing for Queen Elizabeth II’s funeral.
