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


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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