The UK Office for National Statistics reported that the UK economy shrank by 0.3 in the fourth quarter of 2023, marking the second consecutive quarter of negative growth and a technical recession. All three main sectors contracted, with services down 0.2, production down 1, and construction down 1.3. UK Finance Minister Jeremy Hunt said high inflation remains the biggest barrier to growth as it forces interest rate hikes. Analysts said the recession may be shallow and short-lived, with the economy experiencing a muted recovery in 2024.