It has been announced that the UK's economy shrank unexpectedly in August, which is continuing to spark fears of a recession.
Economists had been predicting that there would be zero growth during that month, but official figures from the Office of National Statistics (ONS) show that gross domestic product (GDP) dropped by 0.3% between July and August.
This news comes amid fears that the UK is heading into another recession as the cost of living crisis continues to put pressure on businesses and households.
According to Reuters, the fall in GDP was down to weakness in manufacturing and maintenance work in North Sea oil and gas fields.It comes after Prime Minister Liz Truss and chancellor Kwasi Karteng had promised to speed up the growth.Here's what a "shrinking" economy actually means, and how it affects our money.
Read more on dailyrecord.co.uk
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