People shopping in the market in Surrey Street in Croydon, Surrey, a suburb in South London, on a cold winter’s day. Surrey Street Market is one of the oldest markets in the UK, dating from the 13th century.
The United Kingdom has officially entered a recession as its Gross Domestic Product (GDP) contracted by 0.3 percent in December 2023, indicating a downturn across all major sectors.
The UK’s Office for National Statistics (ONS) confirmed the decline, marking a significant development in the nation’s economic trajectory.
Described as the “mildest recession” in the last 50 years, this economic downturn suggests a less severe decline compared to previous recessions, which often saw drops of 1 percent or more.
The characterization of the recession as relatively mild was reported by the BBC, emphasizing the unique nature of the economic challenge facing the UK.
The onset of recession, evidenced by declines across various sectors, presents new hurdles for policymakers and businesses as they navigate the complexities of a shrinking economy.
