UK economy shrinks by 0.1% as cost of living bites

High interest rates continuing to 'suppress consumption and sentiment'

Eve Maddock-Jones
clock • 1 min read
UK economy shrinks by 0.1% as cost of living bites

The UK GDP contracted by 0.1% in the second quarter of the year, data from the Office for National Statistics (ONS) shows.

This decline compares to the first three months of this year when GDP grew by 0.8%. The reduction was less than the 0.3% decline forecast by analysis, but it shows signs that rising inflation an...

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