Britain's economy dropped in the third quarter, according to official figures released on Friday, likely indicating the country is already in a long-lasting recession
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Following a little increase in the second quarter, output decreased by 0.2 percent between July and September, according to a statement from the Office for National Statistics .
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Last week, the Bank of England declared that the UK economy was in a recession and was expected to contract during the current third quarter.
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The BoE also cautioned that the British economy might not recover until the middle of 2024
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The numbers released on Friday came before the government of new Prime Minister Rishi Sunak makes a new budget announcement
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on Thursday in an effort to bring much-needed political and economic stability to the UK.
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With UK inflation at a four-decade high around 10%, Britain is experiencing a cost-of-living problem in addition to the recession.
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As workers in the public and private sectors demand pay increases to match inflation and shortfalls to wage increases seen in recent years, the nation faces a winter of strike action.
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Yael Selfin, chief economist at KPMG UK, commented after Friday's statistics that "the steep spike in energy and other consumer costs has contributed to a squeeze on household finances