The UK has fallen into recession: What does this mean for you and your money?
But what is a recession? So, the Office for National Statistics regularly publishes figures for the UK’s Gross Domestic Product or the GDP. This calculates the value of all goods and services which the UK produces. Usually, as the country’s economy grows, the GDP rises. But when the economy shrinks, the GDP falls. And if the GDP falls for two successive three-month periods, this puts the UK into a recession.