Bad news for Rishi Sunak in election year as UK economy slips into recession

0

In a huge blow to Prime Minister Rishi Sunak in an election year, officials figures have now revealed that the British economy slipped into recession during the final three months of last year. According to a report by the Office for National Statistics, gross domestic product (GDP) – a key measure of economic activity – fell by 0.3%. This, the report added, was a a lot sharper fall than what economists had expected.
Rishi Sunak

The latest drop was a second in succession as the GDP had fallen by 0.1% between July and September.

The country’s economy is considered to be in recession if the GDP falls in two quarters in a row.

The development has come as a huge blow to Sunak, who had made growing the economy as one of his five pledges before the next general elections, scheduled to be held this year. The latest development will also have a profound impact on this year’s annual budget, to be presented by British Chancellor Jeremy Hunt in less than three weeks time.

Previous articleSupreme Court terming electoral bonds unconstitutional comes as huge blow to Narendra Modi and his party ahead of Lok Sabha polls
Next articleSarfaraz Khan finally gets Test cap, emotional father breaks down; what Anil Kumble told run machine about neglect from BCCI