UK economy shrinks for first time in 7 years

123 RF / Daniil Peshkov

The United Kingdom's economy has shrunk for the first time in seven years.

The Office for National Statistics announced on Friday that the country's GDP at the end of June contracted 0.2 per cent compared to the previous quarter.

Fears of a recession have also grown with the pound sinking further.

Britain's new Prime Minister Boris Johnson has promised to leaving the European Union on October 31 without or without an exit agreement.

More from Business News

On Virgin Radio today

  • Non Stop Hits

    Midnight - 6:00am

    The UAE's #1 Hit Music Station with no interruptions

  • The Kris Fade Show

    6:00am - 10:00am

    Kris, Priti and Rossi host the UAE's biggest radio show. It's full of fun, laughs and it's Where The Stars Live.

Trending on Virgin Radio

  • If Craig David had a verse on Azizam

    The legendary Craig David joins The Kris Fade Show for an unforgettable chat!

  • Untold Dubai

    It arrived: The UAE's First Mega Music Festival at Expo City Dubai!

  • Bassem Youssef

    One of the most talked about comedians in the world takes over The Kris Fade Show. Watch the full interview here...

  • Middle East Hot 30

    Every weekend Kris Fade plays the biggest tracks in the Middle East. Check out this weeks chart...