What is a recession?

Britain’s unexpected drop in economic output over April has pushed recession fears back to the fore.

Experts are now pencilling in a fall in gross domestic product (GDP) overall between April and June of around 0.5% or more.

With the economy having shrunk in both March and April – by 0.1% and 0.3% respectively – there are renewed worries over a recession, given the cost-of-living crisis appears to have halted the post-pandemic bounce back.

But what exactly does that mean for the people of the UK?

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