The UK has officially entered a recession, as confirmed by two successive quarters of negative economic growth in the latter half of the previous year. This development is seen as a significant setback for Prime Minister Rishi Sunak, who had committed to growing the economy ahead of the upcoming general election. The recession, attributed to households cutting back on spending amidst rising borrowing costs and a tightening cost-of-living squeeze, is particularly damaging given Rishi Sunak's five pledges to the country. The situation has been politically charged, with the Liberal Democrats coining the term "Rishi's recession" and highlighting it as a failure of Sunak's economic pledges.
NEW. The UK is now in a technical recession. V politically tricky for Sunak - one of his five pledges is grow the economy. And on by-election day too. https://t.co/9aQRVCXeyy
The Lib Dems have already dubbed the economic slump “Rishi’s recession”. Politically this is a nightmare for a PM who promised to grow the economy as one of his five pledges.
🔺 NEW: The UK slipped into a recession in the second half of last year as high borrowing costs and the cost-of-living squeeze sent the economy into reverse, official figures released this morning show ⬇️ https://t.co/W4T2Ql29EI
As the UK falls into recession, here's a quick look at how Rishi Sunak's five pledges to the country are going. https://t.co/8XDxZPjoqT
#BREAKING Britain has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday https://t.co/9QKbE5OHWx
UK Fell Into Technical Recession In Second Half Of Last Year - BBG https://t.co/sy9loBqXIv
BREAKING: The UK economy has officially entered recession, official figures show. Sky's @gurpreetnarwan says "it is deeply embarrassing for Rishi Sunak". https://t.co/f62COEw1hp 📺 Sky 501, Virgin 602, Freeview 233 and YouTube https://t.co/ikl6x2hwfk
UK economy in recession as households cut spending https://t.co/OOpFszUeFS
UK is in a recession; https://t.co/BMrAC1ODcT
It’s official : the UK entered recession at the end of last year Politically, this is pretty disastrous for the government given 1) Rishi Sunak has pledged to grow the economy 2) we are months away from a general election. But economically, whether GDP fell or grew slightly… https://t.co/szF4gU88iD
UK set to enter recession as economy shrinks for second quarter in a row https://t.co/BP4O2ckQgs https://t.co/TEmm1QAqRY