Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

UK likely heading towards a year-long recession

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Aug 2022 12:52
  • 1 Shares
3 Min Read

After the Office for National Statistics (ONS) announced that the data showed UK GDP had dropped by 0.1% between April and June, the Bank of England stated that the UK is heading towards a recession.

  • x
  • Bank of England
    Bank of England (The Standard)

Official data showed Friday that the UK GPD shrank in the second quarter, highlighting a possible recession in the upcoming quarter.

The Office for National Statistics (ONS) said that, according to the data, the GDP in Britain dropped by 0.1% between April and June. In the previous quarter, the UK GDP witnessed a rise of 0.8%. It is worth noting that the ONS also stated that in June, the UK economy fell by 0.6%. A recession is marked by a GDP fall in two consecutive quarters. 

By the end of 2022, the Bank of England (BoE) predicts to enter a long recession for at least a year's time. Currently, Britons are faced with staggeringly high costs of living as they overcome the worst inflation they have witnessed in decades. 

"With May's growth revised down a little and June showing a notable fall, overall, the economy shrank slightly in the second quarter," ONS director of economic statistics Darren Morgan said. "Health was the biggest reason the economy contracted as both the [Covid] test and trace and vaccine programs were wound down, while many retailers also had a tough quarter."

Morgan further argued that the recession was "partially offset" as a result of "growth in hotels, bars, hairdressers and outdoor events across the quarter, partly as a result of people celebrating the Platinum Jubilee" that marked 70 years of Queen Elizabeth II's rule.

A new PM in the UK

Related News

UK Tories elect Badenoch as new leader

Sunak government freed over 10,000 prisoners 70 days early

The economic situation across the UK is being worsened by the political instability that plagues the country. After ONS data was made public, Finance Minister Nadhim Zahawi announced that he was "determined to work with the Bank of England to get inflation under control and grow the economy".

However, presiding PM Boris Johnson's office made a clear statement that he would not be involved in mandating "major fiscal interventions" prior to his stepping down next month. 

Johnson was absent from the country when the BoE warned of an imminent recession last week. Johnson had taken his wide on a belated honeymoon celebration to Slovenia at a time when most Britons are struggling to make ends meet.

Zahawi, too, was absent during that time period in which the central bank hiked interest rates by the biggest margin within the last few decades in hopes of containing inflation.

Johnson is set to leave office on September 6 as either Liz Truss or Rishi Sumak, both conservatives, are set to succeed him. However, the two candidates have also clashed as to how to address the ongoing crisis. 

On one hand, Truss intends to implement an emergency budget to slash taxes and reassess the independent BoE's mandate to contain inflation. 

Sunak, on the other hand, said that tax cuts backed by increased borrowing would drive the bank to raise interest rates even further. He emphasized the need of maintaining fiscal restraint but first, contain price pressures.

Read more: The UK economy is crushed - Analysts

  • Rishi Sunak
  • inflation
  • Liz Truss
  • UK
  • United Kingdom

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS