News > UK economy shrank in August, now on brink of recession

UK economy shrank in August, now on brink of recession

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

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