While the UK has officially entered recession, Britain’s gross domestic product (GDP) shrank by 0.3% in the third quarter last quarter, according to the Office for National Statistics. These figures are much lower than expected and testify to a struggling British economy. This contraction is mainly due to inflation, which reached a record 11.1% in October.
This rise in prices provokes not only a recession, but also many social movements to demand wage increases. Nurses and paramedics were the last to join this wave of strikes that the British population largely supports.
The Bank of England estimates that the UK recession will continue until 2023 and beyond, and an economic stimulus plan will need to be put in place to support businesses and households.