Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK economy shrinks by 0.6 per cent as Britain heads for winter recession

by August 12, 2022
August 12, 2022
UK economy shrinks by 0.6 per cent as Britain heads for winter recession

The UK economy contracted by 0.6 in June and shrank 0.1 per cent between April and June, compared to growth of 0.8 per cent in the previous three months, the Office for National Statistics said this morning.

Commenting on the gross domestic product (GDP) figures that showed a 0.1 per cent contraction in the second quarter of the year, Office for National Statistics director of economic statistics Darren Morgan said: “With May’s growth revised down a little and June showing a notable fall, overall the economy shrank slightly in the second quarter.”

He added: “Health was the biggest reason the economy contracted as both the test and trace and vaccine programmes were wound down, while many retailers also had a tough quarter.

“These were partially offset by growth in hotels, bars, hairdressers and outdoor events across the quarter, partly as a result of people celebrating the Platinum Jubilee.”

The Chancellor of the Exchequer, Nadhim Zahawi said this morning “our economy showed incredible resilience following the pandemic and I am confident we can pull through these global challenges again.”

He added that “I know that times are tough and people will be concerned about rising prices and slowing growth, and that’s why I’m determined to work with the Bank of England to get inflation under control and grow the economy.

“The Government is providing billions of pounds of help for households with rising costs, including £1200 for eight million of the most vulnerable households,” Zahawi concluded.

Read more:
UK economy shrinks by 0.6 per cent as Britain heads for winter recession

0
FacebookTwitterGoogle +Pinterest
previous post
Government opens consultation on biomass carbon capture and storage
next post
Cryptocurrency tycoon Ben Delo in legal challenge over data watchdog

You may also like

Banks pledge more hubs to meet community cash...

February 7, 2025

Branson waves £100M he stood to receive from...

March 23, 2024

Vodafone takes title as UK’s most valuable brand

September 29, 2022

eSIM vs Roaming: Which One is Cheaper?

March 3, 2025

UK issues urgent call for sustainable practices within...

February 20, 2024

How to make your business a success

October 3, 2022

Truss vs Johnson: A comparison of their speaking...

October 6, 2022

WH Smith launches buy-back scheme for secondhand books

November 3, 2023

Significant action required to stabilise UK public finances,...

September 16, 2024

How to Set Up an Ecommerce Merchant Account

March 1, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025
    • From Tariffs to Tech: Where Smart Money’s Moving Right Now

      June 6, 2025
    • Your Weekly Stock Market Snapshot: What It Means for Your Investments

      June 6, 2025
    • Getting It Half-Baked: The Real Cause of Cannabis Market Failures

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,555)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved