UK economy shrinks 0.2%. Is a recession on the way?

The latest figures showed the UK economy shrank by 0.2%, and we seem to be heading for a recession. How will this affect you?

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Households are spending less money to cope with the rising cost of living
(Image credit: © Huw Fairclough/Getty Images)

The UK’s economy shrank by 0.2% in the three months to September, the latest figures from the Office for National Statistics (ONS) show. The Bank of England (BoE) expects the contraction to mark the start of a prolonged recession.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.