Posted 2/16/2024, 10:25:50 AM
UK enters recession: What it means for jobs, incomes and spending power
- The UK entered a recession at the end of last year as the economy shrank for two successive quarters
- A recession refers to a period of economic decline across an entire economy
- It can lead to job losses, falling incomes, and declining production and trade
- Recessions typically see higher unemployment rates and lower household spending power
- The article explains what a recession entails and how it could impact people's finances and livelihoods