BREAKING: The UK economy has officially entered recession, figures showhttps://t.co/9fRk4LZP76
— Sky News (@SkyNews) February 15, 2024
Seriously, though, the data on the UK economy point to a short, easy recession–using the commonly understood definition of a recession which is two consecutive quarters of economic contraction. (Declaring a recession officially really is “a thing” done by a bunch of economists at the National Board of Economic Research who look at more than if the overall economy shrinks, one of the reasons why no recession was declared in early 2022… but that’s a discussion for another day.). The UK saw dips of 0.2% in Q3 2023, and last quarter, when the US saw a 3.3% increase, the UK dipped 0.3%. Thanks, Dark Brandon!