Bank of England says UK economy has entered recession

The Bank of England has publicly acknowledged that, amid sanctions against Russia, the UK economy has entered a recession. This is noted in the communique that the regulator issued on Thursday, September 22, following the meeting of the Monetary Policy Committee.

Bank of England says UK economy has entered recession
Source: cdn.icrypto.media

“Bank staff now expects GDP to fall 0.1% in the third quarter, down from the 0.4% growth forecast in the report in August, and the second consecutive quarterly decline,” the document said.

In the second quarter of this year, the British economy is reported to have contracted by the same 0.1%. A recession is commonly referred to as a decline in a country’s real GDP for two consecutive quarters.

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