More UK misery as economy contracts in Q3

Britain's economy shrank in the third quarter as inflation soars, official data showed Friday, likely confirming it is already in a recession, dealing a fresh blow to new Prime Minister Rishi Sunak.

The Bank of England has said the UK economy would also contract in the current final quarter, meaning the economy was in a recession that it warned could last until mid-2024.

Friday's data comes ahead of the Conservative government's crucial budget announcement next week aimed at bringing much-needed economic and political stability to Britain.


Sunak, in charge for less than three weeks, has already faced questions over his political judgement after expressing regret on Wednesday for appointing a disgraced ally.

Britain's Office for National Statistics on Friday said the nation's economy contracted 0.2 percent in the July-September period -- in part hit by businesses closing for the funeral of Queen Elizabeth II.