UK economy contracts as households cut spending

The UK economy contracted in the second quarter, with households cutting spending as the cost of living crisis began to bite and health sector output falling as Covid cases and testing declined.

Gross domestic product, the measure of the quantity of goods and services produced, fell 0.1 per cent in the second quarter of the year after rising 0.7 per cent in the previous quarter.

A temporary recovery is expected in the third quarter…