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BREAKING
Al Mayadeen's correspondent: For the first time in over two months, close to 87 aid trucks enter Gaza.
United States: One of the two people killed in the Washington shooting is believed to be an Israeli embassy employee.
United States: Two people killed in shooting near the Jewish Museum in Washington, D.C.
Occupied Palestine: A fire broke out in the courtyard of Al-Awda Hospital in the Tal al-Zaatar neighborhood in northern Gaza after IOF fired directly at diesel tanks.
Israeli ambulance: A settler was injured while running to shelter after a rocket was fired from Yemen, and the sirens were activated.
Occupied Palestine: The IOF besieges Al-Awda Hospital in Tal al-Zaatar, north of Gaza, with 160 people inside, including medical personnel and wounded.
Occupied Palestine: IOF: A missile was detected and launched from Yemen, and air defense systems were activated.
Lebanese Health Ministry: One martyr, one wounded in IOF strike on Yater, South Lebanon.
Palestinian sources: Arab-European committee including 30 ambassadors, consuls came under fire by occupation forces in Jenin Refugee Camp, northern West Bank.
Pope Leo XIV: I renew my heartfelt appeal to allow the entry of sufficient humanitarian aid [into Gaza] and to put an end to the hostilities

UK recession risk increases as economy shrinks in March

  • By Al Mayadeen English
  • Source: Agencies
  • 12 May 2022 15:46
2 Min Read

The British economy experienced a downfall in March due to a surge in prices, raising the threat of recession.

  • x
  • UK economy is faced with risks of recession.
    UK economy is faced with risks of a recession.

The British economy shrunk in March as a result of rising prices, raising the risk of the country entering recession.

The last positive output for the UK economy was in last January, before registering zero growth the following month and falling by 0.1 percent in March, according to official first-quarter figures released on Thursday.

It comes as the Bank of England (BoE) warned last week that the UK risks entering a recession, with inflation expected to reach 10% by the end of the year, a four-decade high.

Read next: Reckless US sanctions on Russia trigger global inflation - The Global Times

 

Consumer prices are rising around the world as countries emerge from pandemic lockdowns and in the aftermath of the Ukraine conflict, which is exacerbating already high energy costs.

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The British economy grew by 0.8 percent in January-March, the slowest quarterly growth in a year, according to the Office for National Statistics (ONS).

It compared with gross domestic product expansion of 1.3 percent in the fourth quarter of last year.

Risk of recession

"The risk of recession has just risen," said Paul Dales, chief UK economist at Capital Economics.

He noted that the GDP figures "suggest the economy had less momentum than we thought even before the full hit from the cost-of-living crisis has been felt".

Dales added that "strong price pressures will probably mean the BoE will raise interest rates further".

The central bank last week raised its main interest rate by a quarter-point to one percent to tackle runaway UK inflation.

Its key rate now stands at the highest level since the global financial crisis in 2009 after recording its fourth straight increase by BoE. 

The spike in rates increased costs for consumers and businesses, further impacting spending.

  • inflation
  • London
  • United Kingdom

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