Chief Economic adviser Vicky Pryce details the latest ONS figures as GDP fell by 0.1% between July and September.
#uknews #economy #recession #money
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The United Kingdom may have already been in a recession, according to Vicky Pryce, the former Joint Head of the UK Government Economic Service. Pryce issued a stark warning about the state of the UK economy as the latest figures show a decline in Gross Domestic Product (GDP) in England.
The warning comes as the Office for National Statistics (ONS) reported that GDP in England fell by 0.1% in August, marking the first monthly decline since February. This contraction in economic output is a concerning sign for the UK’s economic health, and it could indicate that the country is already experiencing a recession.
Pryce’s warning is especially concerning given the economic impact of the COVID-19 pandemic. The UK, like many countries around the world, has experienced significant disruptions to economic activity as a result of lockdown measures and social distancing guidelines. The ONS data shows that the services sector, which accounts for the majority of the UK’s economic output, saw a decline in August, while the construction and manufacturing sectors also experienced a slowdown.
Pryce’s warning about a potential recession in the UK is a reflection of the broader economic challenges facing the country. The UK has been grappling with the fallout from Brexit, and the uncertainty surrounding the future trading relationship with the European Union has led to concerns about the impact on businesses and investment. Additionally, the specter of a no-deal Brexit looms large, which could further exacerbate the economic challenges facing the UK.
The government has implemented a range of measures to support the economy, including the furlough scheme, business grants, and low-interest loans, but the economic impact of the pandemic and Brexit cannot be underestimated. Pryce’s warning underscores the need for the government to take further action to support the economy and prevent a deeper recession.
As the UK economy faces significant headwinds, it is essential for policymakers to take decisive action to support businesses, workers, and consumers. This may involve additional fiscal stimulus, targeted support for sectors most affected by the pandemic and Brexit, and efforts to boost consumer confidence and spending.
Pryce’s warning about a potential recession may be a wake-up call for policymakers to redouble their efforts to support the economy and prevent a prolonged period of economic contraction. The UK’s economic future is at a critical juncture, and it is vital that the government takes proactive steps to steer the country through these challenging times.
But, but, but Norman Wisdom Sunak says hes growing the economy…and lowering debt. Hes been told both are blatant lies but continues to repeat them.
Please help me i m poor man
Considering BOTH HM Treasury and BoE have adjusted their respective bookkeeping atleast twice in 2023 alone, it points at the fact we've not really got out of recession
Is it any wonder people aren’t spending fuel prices are still high my home and vehicle insurance has almost doubled at a time when we’re told inflation has been running at 9%. Greedy multi nationals are running this country into the ground
Had any speeding tickets lately?
Happy Brexit Christmas everyone
580 Billion squandered during the pandemic. You take that much out of the system it's going to hurt people.
He needs to resign now he’s totally useless!
May?
And these guys have phds and doctorates to tell us this?
Why ask a dishonest ex-convict?
The boe has over done it and will now have the start stimulating the economy by lowering rates.
And we have 750,000 coming here for a better life? Oh well….
Jeremy Hunt will want another 3 million migrants to get this back
How can the 5th or 6th richest country on the planet be in such a mess. Totally bad, reckless, short termed management decisions by our out of touch MP's which have over populated this country with no thought going into how to absorb it is the fundamental reason – everything else flows from that. The hole's this country has dug over the last 25 years will never be filled. What state will we be in, in another 25 years???
And yet the government still gives out our money to other countries (without our say ) like sweets?
750,000 migrants come to Britain in 2022 and GDP actually SHRINKS
Go woke, Go broke… Lets invite half of the third world to come and live on our little island for free, instead of producing our own essentials, lets buy it all from china, Lets make it really difficult and unpleasant for our population to get about, that way if a company is just hanging in there, a new fleet of vehicles that cost twice as much and last half as long will finish them off.
It's £27.50 for an economy joint of beef. And there's Food Bank's that's a very serious recession. What is it that you don't understand?! Junior Doctors become Senior Doctors. If your arm is broken a "Consultant" isn't going to treat it or if you have a heart attack. Do you understand?! A Senior Doctor use to be paid £200,000 + pro rata per annum. And every member of our Parliament would be laughed at if they received under, £100K a year as pay. Are you mentally ill?
Brexit means recession. Deal with it.
GDP per capita has been going down for a long time we are what not even in the top 20 in the world know due to massive immigration.
Nooooo, we have too many Brexit wins for this to happen?
Who is starting to believe GBNews is controlled opposition?