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UK's economy shrank by 0.3% in August due to weak manufacturing in the oil and gas sector
Posted on October 17, 2022 |
- Manufacturing fell by 1.6% while the cost of living crisis hit hotels, restaurants, and the leisure industry, indicating the UK entering into a recession.
- The decrease in manufacturing is due to the government's low spending related to the coronavirus pandemic, which hit pharmaceutical companies cutting back production.
- Mortgage costs are increasing, borrowing costs are up, and living standards are down, making it difficult for families to live a peaceful life, and it is the lowest growth in the G7 over the next two years.