The UK chancellor of the Exchequer warns of “a tough road ahead” and difficult decisions to be made The UK economy contracted between July and September, with GDP dropping by 0.2%, the Office for National Statistics (ONS) reported on Friday. The drop was the biggest quarterly decline in the country’s economy since early 2021, when it went into lockdown amid the Covid-19 pandemic. While analysts had previously warned of a bigger drop in the country’s GDP, the result still shows the UK economy is suffering, largely due to the cost-of-living crisis and related interest rates hikes, which tend to slow growth. Accordin
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