UK economy contracted in second quarter amid cost of living crisis – business live

Live, rolling coverage of business, economics and financial markets as economists brace for long UK recession

There has not been much movement on financial markets in response to the GDP reading: sterling has been barely moved.

In the below chart you can see that it jumped by a few tenths of a cent on the dollar when the data was released – the reading was slightly better than expected by economists, remember. (N.B., the chart times are in GMT, not BST.)

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