shrinks Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/shrinks/ Chartered Accountants & Business Advisors Tue, 09 Jan 2024 16:03:12 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.wrloaccountants.co.uk/wp-content/uploads/2018/01/cropped-WRLO-logo-big-32x32.jpg shrinks Archives - WRLO Accountants https://www.wrloaccountants.co.uk/tag/shrinks/ 32 32 UK at risk of recession after economy shrinks https://www.wrloaccountants.co.uk/uk-at-risk-of-recession-after-economy-shrinks/ Thu, 04 Jan 2024 13:38:51 +0000 https://www.wrloaccountants.co.uk/?p=3950 The UK is at risk of recession after revised figures showed the economy shrank between July and September, according to data from the Office for National Statistics (ONS). Gross domestic product, which measures the health of the economy, contracted by 0.1% after previous estimates suggested growth has been flat. Meanwhile, there was zero growth between April and June, after it was first calculated to have risen by 0.2%. A recession is typically defined as when the economy shrinks for two three-month periods – or quarters – in a row. Meanwhile, the UK’s inflation rate fell to 3.9% in the year to November, the ONS confirmed. The fall was bigger than the ONS had anticipated with lower petrol prices contributing to the reduction in the inflation rate. Price increases for bread and cakes are also easing, according to the ONS. David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: ‘Today’s data showing the CPI rate grew at 3.9% in November, a greater slowdown than expected, is welcome confirmation that the headline rate of inflation is continuing to ease. However, prices are still rising from a very high base following multiple economic shocks and core CPI remains stubborn […]

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