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 (£)