What recession could mean for your finances

Shrinking of the economy may result in job losses, lower wages and a credit crunch

Graph showing economic downturn with image of Bank of England in background
The "pain of recession" is not typically felt equally across society
(Image credit: Getty Images/Craig Hastings)

News that the UK entered a recession at the end of 2023 has triggered fears about the potential impacts on borrowing, jobs and wages. 

Latest Official for National Statistics (ONS) data shows that  gross domestic product (GDP) shrank by 0.3% in the fourth quarter of last year. Coming after a 0.1% contraction between July and September, the second consecutive quarter of negative growth means the UK is technically in recession.

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.