“Rising costs will see businesses and consumers trying to save money. For employers, this could mean forgoing pay rises, leaving workers with lower real-terms paycheques to cover spiralling energy bills and inflated grocery prices.”
A recession is two quarters (six months in total) of negative GDP growth. We last saw this happen at the start of the pandemic, when the UK experienced a six-month recession during the first half of 2020
I think it’s much of muchness tbh. We’re all already in recession as our pay isn’t keeping up with inflation. This is pure fudging of the numbers.
Sure, if you change the meaning of words then yes… we’re in a recession 🤷.
That’s not how recessions work
It’s a significant symptom.
It’s really not, inflation and recessions are two very different things in economics
A recession is a downturn in business activity
Inflation is price rises due to too much money chasing too few goods or restrictions in supply causing demand to exceed causing scarcity.
https://www.which.co.uk/news/article/what-would-a-recession-mean-for-your-money-aRril9c11zDK
“Rising costs will see businesses and consumers trying to save money. For employers, this could mean forgoing pay rises, leaving workers with lower real-terms paycheques to cover spiralling energy bills and inflated grocery prices.”
Did you even read your link
Yes, and my point is that the growth being reported isn’t representative of reality.
I don’t understand what you mean
Economic statistics are literally representative of reality.