UK headed for winter recession - what it means for you
as prices for everyday goods and products rise.and the highest inflation rate in 42 years.
In what was named Black Thursday, last week, it raised interest rates by 0.5% - the biggest rise in over 20 years.A country is in recession if it experiences a period of economic decline over a sustained period. This is generally indicated by a fall in GDP, which is the value of all goods and services, in two successive quarters.
This means recessions are not good news, because they tend to lead to unemployment and wage stagnation. This consequently means the government gets less tax which could mean cuts to services and benefits, or that rates go up.The UK last went into recessionGoing into recession can have a big impact on your finances and job losses are common as companies let people go to cut their costs and stay afloat.
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