UK Recession LIVE : The Office for National Statistics (ONS) reported a dip in output for September, leaving gross domestic product (GDP) - a measure of the health of the economy - in negative territory for the July-September period as a whole. The official definition of a recession is two consecutive quarters of negative growth. A country is in recession when its economy shrinks for two three-month periods in a row. The UK is expected to be in one by the end of the year. The Bank of England said the recession will be the longest on record.
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