THE UK economy nudged up in May as the nation swerves heading into recession during a crippling cost of living crisis.
Gross Domestic Product (GDP) went up by 0.5% according to latest official data from the Office for National Statistics.
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It marks a bounce back from last month, when GDP went down by 0.3%.
GDP is used to measure the performance of a country’s economy.
When GDP goes up, the economy is generally thought to be doing well.
But when it goes down, it brings with it falling incomes, job cuts and lower consumption.
Experts have previously warned that the nation could be heading towards a recession as a cost of living crisis cripples millions.
Inflation has soared to a 40-year high of 9.1% and is squeezing household budgets as bills from energy to food to fuel spiral.
While the CBI has said Britain is on the edge of falling into a recession and real household disposable income would fall 2.3% by Christmas.
More to follow…
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