The UK economy is witnessing a shrink and is going through economically tough time and is expected to experience a recession
The analysts suggest that UK economy shrank between July and September and is expected to be hit by a long recession.
The country is going through a recession because of market collapse, high inflation rates, fuel and gas high prices, and impact of Russia and Ukraine war.
The recession is expected to rise by the end of the year which can create a gloomy picture for the residents of UK.
The residents of UK are already facing hardships due to soaring prices of food and fuel resources. Many people have to cut and limit their spending.
The bank of England has warned the government and people that the next two years “will be very challenging for the economy.”
During a recession, the businesses shrink and they have to limit their spending by cutting off workers’ salary or firing them altogether.
Fresh graduates find it hard to find new jobs, and people who already have jobs lose their established jobs.
The bank of England suggests that this recession will be the longest recession that UK will go through since the recession of 1920s.
