"UK Enters Recession: Impact and Implications"

The UK has officially entered a recession as its Gross Domestic Product (GDP) fell by 0.3% in the last three months of 2023, marking two consecutive quarters of decline. The definition of a recession as two consecutive quarters of economic decline has been widely used for decades, although it has been criticized as arbitrary. The UK government had previously used this definition to assure that the country would not enter a recession. The current economic stagnation is attributed to various factors including the pandemic, energy crisis, and changes in interest rates. Despite the challenging circumstances, the UK's economy is not showing signs of growth.