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.