UK - Economic Downturn Hits UK As 2023 Growth Plummets To 0.1% Setting Stage For PM Sunak's Pre-Election Struggle | Benzinga
The UK’s economy has officially entered a recession, raising concerns for Prime Minister Rishi Sunak as he prepares for an upcoming election.
What Happened: The Office for National Statistics confirmed that the UK’s economy experienced a slight recession in the last year. The gross domestic product (GDP) contracted by 0.1% in the third quarter and 0.3% in the fourth quarter, reported Reuters.
This economic downturn poses a significant challenge for Sunak, who is expected to reassure voters about the economy’s stability ahead of the upcoming elections. The opposition Labour Party has been critical of Sunak’s economic policies, dubbing them “Rishi’s recession.”
Despite a slight growth in GDP in January, the UK’s economy is still struggling to recover from the impact of the COVID-19 pandemic. The overall growth in 2023 was a mere 0.1%, marking the ...