UK Economy Contracts in Q3, Raising Recession Concerns

The UK economy contracted by 0.1% in the third quarter, indicating a possible recession, according to data from the Office for National Statistics. This comes after finance minister Jeremy Hunt suggested that the Bank of England might cut interest rates to boost growth. Retail sales in November, however, exceeded expectations, increasing by 1.3% from October. Economists are divided on whether the contraction signals the start of a recession, with some predicting a mild recession due to struggling economic indicators and the impact of higher borrowing costs.