UK Economy on the Brink of Recession as Growth Falters

The UK is on the brink of a technical recession as revised data reveals a 0.1% contraction in GDP between July and September, following zero growth in the previous three months. The figures will be confirmed in February, determining if the UK has experienced two consecutive quarters of economic decline. Finance Minister Jeremy Hunt remains optimistic about the medium-term outlook, but analysts warn that growth is weakening and interest rates are taking a toll. The Bank of England may be pressured to cut rates earlier than planned to support the struggling economy, despite Governor Andrew Bailey's suggestion that rates may need to remain higher for longer.