News that the UK entered a recession at the end of 2023 has triggered fears about the potential impacts on borrowing, jobs and wages.
Latest Official for National Statistics (ONS) data shows that gross domestic product (GDP) shrank by 0.3% in the fourth quarter of last year. Coming after a 0.1% contraction between July and September, the second consecutive quarter of negative growth means the UK is technically in recession.
The problems caused by a “shrinking economy”, said The Times Money Mentor, can “trickle down” into our everyday lives. But the “pain of recession” is not typically felt equally across society, said the BBC, and the poorest often struggle, particularly benefit recipients and those on fixed incomes “if the government decides to spend less on public services”.
