Chancellor Warns of ‘Tough Road Ahead’ as UK Economy Starts to Shrink

Chancellor Warns of ‘Tough Road Ahead’ as UK Economy Starts to Shrink
A general view of the Bank of England, in London, on Nov. 11, 2022. Dan Kitwood/Getty Images
Alexander Zhang
Updated:

Chancellor of the Exchequer Jeremy Hunt has warned that the UK is facing a “tough road ahead” as new data shows the economy has begun to shrink.

According to the latest release from the Office for National Statistics (ONS), the UK’s gross domestic product (GDP) shrank by about 0.2 percent between July and September.