UK economy shrank in August, now on brink of recession: Report

Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3% fall in GDP from July, and the report also showed how a jump in inflation was hitting consumers

Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth.
 

Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3 per cent fall in gross domestic product from July, and the report also showed how a jump in inflation was hitting consumers.
 

A Reuters poll of economists had pointed to zero growth.
 

July's increase in output was revised down to 0.1 per cent from a previous estimate of 0.2