The British economy shrank unexpectedly by 0.3% in August as weak manufacturing and North Sea oil and gas maintenance slumped 1.1% and 8.2% respectively.
Despite PM Liz Truss’ bold promise of speeding up growth, the economy is now estimated to have returned to pre-pandemic levels – 1.1% below previous estimations, according to the National Office of Statistics.
Macroeconomic analyst Samuel Tombs expects the technical recession to last until at least late 2023, while the IMF said Tuesday it expects the British economy to grow next year by just 0.3%.
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