Britain’s ‘year of decline’
BRITAIN is heading into a year-long recession after the economy shrank in the three months to September.
It slumped by 0.2% as soaring prices hit businesses and households.
The Bank of England expects it to be the start of a long recession – due to rising interest rates and the cost of living – lasting at least a year.
Chancellor Jeremy Hunt said: “I am under no illusion that there is a tough road ahead – one which will require extremely difficult decisions to restore confidence and economic stability.”