The initial estimate of the Office for National Statistics had expected Britain’s gross domestic product to contract by 0.1%, which is also the same as the expectations of analysts in a Reuters poll.
Britain, the fifth largest economy in the world, achieved a growth of 0.89 percent in the first quarter.
Expectations of the British Central Bank indicate that the country’s economy will head into a long recession that begins in the last quarter of this year and will continue throughout the next year, which is considered the longest recession in the country since the global financial crisis.
Britain has witnessed in recent days an escalating controversy over the Liz Terrace government’s plan, which included historic tax cuts, aimed at boosting economic growth, but it conflicts with the Bank of England’s plans to tighten financial conditions to curb high inflation that increases the cost of living for British families.
The International Monetary Fund publicly criticized the British government’s plan to cut taxes, urging it to reconsider it, warning that it would lead to an escalation of the crisis of the high cost of living.
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