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| Revised figures confirm UK ended 2023 in recession | |
| (7 months later) | |
| We are closing our live coverage now - thanks for joining us. | We are closing our live coverage now - thanks for joining us. |
| Here's a quick summary of what we've learned this morning: | Here's a quick summary of what we've learned this morning: |
| Revised GDP data from the Office for National Statistics (ONS) confirmed the UK entered a technical recession in the final six months of last year | Revised GDP data from the Office for National Statistics (ONS) confirmed the UK entered a technical recession in the final six months of last year |
| The figures showed that, as initially thought, the economy shrank by 0.1% in the three months between June and August, followed by a further 0.3% decline in the next financial quarter (between September and December) | The figures showed that, as initially thought, the economy shrank by 0.1% in the three months between June and August, followed by a further 0.3% decline in the next financial quarter (between September and December) |
| But it's important to note the overall economy did grow by 0.1% across the whole of 2023 | But it's important to note the overall economy did grow by 0.1% across the whole of 2023 |
| There are also early indications the UK began an early recovery in January - with initial data showing some growth, and surveys indicating this may have continued in February and March | There are also early indications the UK began an early recovery in January - with initial data showing some growth, and surveys indicating this may have continued in February and March |
| Chancellor Jeremy Hunt says the figures show the government's plan is working and the Tories have got the economy "back on track". | Chancellor Jeremy Hunt says the figures show the government's plan is working and the Tories have got the economy "back on track". |
| Labour's shadow chancellor, Rachel Reeves, says the data shows the exact opposite and the government cannot claim "they have turned the corner on more than 14 years of economic failure" | Labour's shadow chancellor, Rachel Reeves, says the data shows the exact opposite and the government cannot claim "they have turned the corner on more than 14 years of economic failure" |