The UK moved closer to falling into recession after revised figures showed the economy performed worse than previously thought. Gross domestic product, which is a measure of the size and health of the economy, was downgraded for the three months from July to September. New figures released today by the Office for National Statistics (ONS) show GDP contracted by 0.1% - previous estimates shown it had been flat. A recession is defined as two consecutive quarters - so two three-month periods - of negative growth. The UK will officially be in recession if the final data for October to December 2023 shows the economy has contracted…
