The UK economy contracted in the second quarter, with households cutting spending as the cost of living crisis began to bite and health sector output declining as Covid cases fell.
Gross domestic product, the measure of the quantity of goods and services produced, fell 0.1 per cent in the second quarter of the year after rising 0.7 per cent in the previous quarter.
The decline accelerated at the end of the quarter with GDP falling 0.6 per cent in June, reflecting two lost work days from the Queen’s platinum jubilee, but the Office for National Statistics said the celebrations had “little impact on the quarterly estimates”.
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