Chancellor Jeremy Hunt said low growth was "expected" as Britain's economy slipped into a recession at the end of 2023, after output contracted by more than expected in the final three months, according to official figures.The Office for National Statistics (ONS) estimated that gross domestic product (GDP) fell by 0.3% in the fourth quarter, following a decline of 0.1% in the previous three months.It means that the economy entered a technical recession, as defined by two or more quarters in a ro

Chancellor Jeremy Hunt said low growth was "expected" as Britain's economy slipped into a recession at the end of 2023, after output contracted by more than expected in the final three months, according to official figures.The Office for National Statistics (ONS) estimated that gross domestic product (GDP) fell by 0.3% in the fourth quarter, following a decline of 0.1% in the previous three months.It means that the economy entered a technical recession, as defined by two or more quarters in a row of falling GDP.Mr Hunt insisted it was the "right thing to do" to prioritise tackling inflation, because "you can't have long-term healthy growth with high inflation".He added: "If we stick to our guns, independent forecasters say that by the early summer we could start to see interest rates falling and that will be a very important relief for families with mortgages."