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UK economy shrinks in August as cost of living crisis bites

UK economy shrinks in August as cost of living crisis bites

The UK economy disappointed expectations by shrinking in August as the cost of living crisis contributed to a sharp fall in manufacturing production and consumer services, suggesting the economy may already be in recession.

Maintenance in the North Sea pushed down oil and gas production, which was a further drag on industrial output, according to data published on Wednesday by the Office for National Statistics.

Gross domestic product…


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