WRITTEN BY: CHIOMA MADONNA NDUKWU
The British economy has slipped into recession for the first time since the pandemic’s onset, with a 0.3% decline in GDP in the final quarter of 2023, surpassing economists’ expectations.
The setback poses a challenge for the Conservative Party ahead of upcoming elections. Factors contributing to the recession include high-interest rates aimed at curbing inflation and sluggish economic growth. Prime Minister Rishi Sunak faces pressure amid trailing polls, while opposing parties criticize the government’s economic management.
The Bank of England’s aggressive interest rate hikes and looming budget adjustments add to the economic uncertainty, warranting attention as the nation navigates through challenging times.
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