UK Recession

Britain’s economy becomes smaller amid cost-of-living crisis, shrinking in second quarter as recession looms. Statistics show that UK’s gross domestic product has dropped 0.1% in second quarter, while Bank of England has said it expects economy to enter recession in fourth quarter.

The bank recently raised interest rates by biggest margin in nearly 30 years. High inflation in Europe is mainly blamed on soaring energy prices caused by Ukraine conflict. Press TV panelists Shabbir Razvi, economic analyst from London and Mahmoud Refaat president of The European Institute for International Law from Stockholm, look at reasons behind this downward spiral in this edition of the Spotlight.

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