UK's economy shrank by 0.3% in August due to weak manufacturing in the oil and gas sector

Posted on October 17, 2022   |  

• Manufacturing fell by 1.6% while the cost of living crisis hit hotels, restaurants, and the leisure industry, indicating the UK entering into a recession.
• The decrease in manufacturing is due to the government's low spending related to the coronavirus pandemic, which hit pharmaceutical companies cutting back production.
• Mortgage costs are increasing, borrowing costs are up, and living standards are down, making it difficult for families to live a peaceful life, and it is the lowest growth in the G7 over the next two years.