Showing Now | National World Explainers
What is a recession and what does it mean for UK economy explained
The UK economy shrunk by 0.2% between July and September in what experts warn is the first step towards a major recession.
The Office for National Statistics (ONS) reported a dip in output for September when gross domestic product (GDP) fell by 0.6%, in part due to the Queen’s funeral. It added to a 0.2% drop for the full quarter, which is lower than had been expected as the ONS revised its estimates for July and August.
But what is a recession, and what does it mean for the economy? Here’s all you need to know.
Watch: Hilarious clip shows flock of seagulls desperately trying to nick McDonald’s
Watch: Shocking moment prisoner tries to stab officer in neck
Watch: Trapped dog walker rescued by passerby on a jet-ski
Watch: Heartwarming footage shows seal returning to the sea after recovering from injury
Watch: Bargains expert on how you how can save £££s at this summer’s sales
Watch: ‘Britain’s Chernobyl’ - Man refuses to leave derelict estate despite it being earmarked for demolition
Watch: Rescued elephant gets prosthetic foot and is able to walk again
Watch: “You can’t park there” - moment BMW is washed away on Cornish beach
Fan verdict video: ‘Frightened’ - why Tottenham supremo Daniel Levy is at a crossroads over club’s future
Fan verdict video: ‘4/10’ - Tottenham’s ‘dreadful’ season summed up but there’s two reasons to be positive
Watch: Sheffield Wednesday and Luton FC sports writers react to clubs’ promotions | Everything but the Prem
Fan verdict video: ‘We’ve had enough’ - Everton fans call for change after escaping relegation... just
Video: ‘No secret’ - Liverpool’s summer transfer priorities explained as names emerge to fix problem position
Watch: Rice’s Arsenal surprise, truth behind Gundogan links and Caicedo latest | Chris Wheatley Show
Fitbaw Talk: Rangers Summer recruitment, Motherwell as 3rd place contenders, Who will win the play-off final?
Watch: Fight between Arsenal and Tottenham fans sees man punched onto railway tracks
Watch: What is this year’s Glastonbury 2023 lineup and who are the headliners?
Watch: Royal Blood frontman calls audience “pathetic” then walks off stage at Radio 1 Big Weekend festival
Watch: 23-year-old reseller makes £180k
Watch: Love Island - New contestants and twists
Watch: Polite pug has worked out best way to get a treat – simply by ringing a bell
Watch: Half term on a budget - Top five ways to entertain the kids for cheap over the school holidays
Watch: Sam Fender at St James Park - Looking back on the North Shields singer’s amazing career
Watch: Here’s some ideas for great days out this summer
Watch: Succession, The Gallows Pole and Brideshead Revisited | Screen Babble
Watch: Maryland, Malpractice, Local Hero, Poker Face and The Mighty Boosh | Screen Babble
Watch: Screen Babble - Eurovision fever, Baftas, Welcome to Wrexham and A Small Light
Video: Screen Babble featuring our take on Bridgerton, Polite Society, The Royle Family and Catastrophe
Video: Better, The Last of Us season finale, The Oscars preview, Cheat and Ted Lasso | Screen Babble
Watch: Screen Babble - 10 years of Broadchurch, Servant of the People and Julia
Watch: Screen Babble - Happy Valley Finale, Pamela, a Love Story, The Gold and Scream Queens