Greater fall per head and latest trade data illustrate longer term decline of economy
• Blow for Sunak as revised figures confirm UK went into recession last year
As the UK economy struggled for momentum, with households tightening their belts, higher defence spending in the second half of last year was a factor that prevented it from contracting by more than it did.
The second estimate by the Office for National Statistics of national income, as measured by gross domestic product last year, showed that extra cash for the military, and an increase in government spending more generally, masked a deep and persistent recession in manufacturing and downturns in several other sectors of the economy.
Continue reading…Greater fall per head and latest trade data illustrate longer term decline of economy• Blow for Sunak as revised figures confirm UK went into recession last yearBusiness live – latest updatesAs the UK economy struggled for momentum, with households tightening their belts, higher defence spending in the second half of last year was a factor that prevented it from contracting by more than it did.The second estimate by the Office for National Statistics of national income, as measured by gross domestic product last year, showed that extra cash for the military, and an increase in government spending more generally, masked a deep and persistent recession in manufacturing and downturns in several other sectors of the economy. Continue reading…
