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U.K. Economy Shrank in Second Quarter as Inflation Hit Households

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LONDON—The U.K. financial system contracted in the second quarter as households facing soaring inflation reduce on spending and applications to comprise the unfold of Covid-19 had been wound down, presaging powerful instances for an financial system that’s anticipated to enter a prolonged recession.

Britain’s statistics company mentioned Friday that gross home product—a broad measure of the products and companies produced in an financial system—fell 0.1% in the three months by June. Economists anticipated a 0.2% lower in output, following a 0.8% rise in the primary quarter.



Source: www.wsj.com

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