UK economy shrinks, raising recession risk

More measures: Hunt at a press conference in Bern, Switzerland. He expects the measures in the autumn statement, including the largest business tax cut, to deliver the largest boost to potential growth on record. — AFP

LONDON: The UK economy unexpectedly shrank in the third quarter, raising the possibility that it is already in a recession and fuelling bets on the Bank of England (BoE) pivoting to interest rate cuts as soon as the spring.

Revised figures showed gross domestic product (GDP) dropped 0.1% from the second quarter, a downgrade from the zero-growth initially estimated.