LONDON—The U.Okay. economic system contracted within the second quarter as households facing soaring inflation reduce on spending and packages to include the unfold of Covid-19 had been wound down, presaging robust occasions for an economic system that’s anticipated to enter a prolonged recession.
Britain’s statistics company stated Friday that gross home product—a broad measure of the products and companies produced in an economic system—fell 0.1% within the three months via June. Economists anticipated a 0.2% lower in output, following a 0.8% rise within the first quarter.
