UK Economy Shrinks for Second Straight Quarter, Meeting Definition of Recession

• UK economy shrank 0.3% in Q4 2022, meeting technical definition of a recession • Fall comes after 0.1% contraction in Q3; weakest annual growth since 2009 financial crisis • Shoppers cut spending, doctors' strikes, and lower school attendance contributed • Figures raise questions over whether Sunak met pledge to grow economy made in January 2022 • UK not alone with economic struggles; EU narrowly avoided recession, Japan confirmed contraction