According to the latest estimates, the economy will contract by 0.1% in the second news

The UK economy contracted by 0.1% in the second quarter, according to the latest estimates.

According to the National Bureau of Statistics, GDP fell by 0.6% in June, services fell by 0.5%, manufacturing by 1.6% and construction by 1.4%.

This comes after GDP rose 0.5% in May and dismal forecasts from the Bank of England. 15 months of recession – Five consecutive quarters of recession.

Governor Andrew Bailey says GDP could fall to 1.25% in 2023, to 0.25% after banks hike interest rates by 50 basis points (0.5%) this month to deal with the highest inflation rate in more than 40 years. said to be high. 2024.

If this prediction fails, it will be the first two-year annual recession since the 1960s.

Consumers are also facing significant increases in energy bills, with consultancy Cornwall Insight saying the price cap will be Expected to reach about £3,582 per year For general households after October.

this is, £3,359 projected earlier this monthcompared to the top price of £1,277 last October.

It reached £4,266 from January and is expected to continue rising to £4,427 in April. Earlier projections put him at 3,729 pounds in April.

millions of homes Already in debt with utility bills – Uwitch analysts say £1.3bn is still outstanding even before claims surge by more than 80%.

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