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UK has taken another step towards recession, says ONS

Britain is moving closer to recession, after the economy shrank in August.

Figures from the Office for National Statistics show month-on-month GDP falling by 0.3%, below economists predictions of zero.

GDP growth in July was also revised down to 0.1% from a previous estimate of 0.2%,

The economy is now believed to be back to the size it was just before the pandemic, having previously been estimated at 1.1% above it.

The ONS confirmed that there would need to have been growth of more than 1% in September to avert a quarterly decline.

The Times (£)

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