THE BANK OF ENGLAND

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BANK OF ENGLAND

UK Economy Plunges into Recession!

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

UK economy grows in second quarter

Britain's economy expanded slightly over the second quarter thanks to strong output in June and despite inflation remaining high, official data showed on Aug. 11.

Gross domestic product grew 0.2 percent in the April-June period after output expanded 0.1 percent in the first quarter, the Office for National Statistics said in a statement.

UK recession fears mount

Fears that the British economy is heading for recession mounted sharply after the Bank of England raised borrowing costs by more than anticipated.

The Bank of England on June 22 decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5 percent.

UK economy ekes out growth in first quarter

Britain's economy grew 0.1 percent over the first quarter despite weakening in March, official data revealed Friday, as output continues to be hit by high inflation and strikes.

After narrowly avoiding recession last year, the economy advanced 0.5 percent in January before flattening in February and sliding 0.3 percent in March, the Office for National Statistics said in a statement.

India’s Central Bank pauses rate hikes

India's Central Bank held interest rates yesterday for the first time in nearly a year because of "unprecedented uncertainty" in global markets but said it was committed to taming persistent inflation.

The Reserve Bank of India (RBI) left the benchmark repurchase rate at 6.50 percent after hikes at all six of its prior meetings since May 2022.

UK inflation unexpectedly accelerates to 10.4 pct

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed yesterday.

The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said.

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