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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.
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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.
