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UK blames Russia for economic recession

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The UK economy is sinking into a recession due to Russia’s actions in Ukraine, Britain’s finance minister Jeremy Hunt claimed in an interview with the Sunday Times newspaper.

“Stability is what has been missing – mainly thanks to Putin’s invasion of Ukraine. This is a ‘made in Russia’ recession and we need to restore that stability as the first step to growth,” Hunt said.

The cabinet minister believes a recession is now unavoidable, after the economy contracted by 0.2% in the third quarter, with a further shrinking expected due to inflation.

Recession is traditionally defined as two consecutive quarters of GDP decline. Last week the Bank of England predicted that the UK could be stuck in a recession for two years.

 

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