UK economy shrank unexpectedly by 0.3% in August, official figures show
Experts had been expecting economic growth to flatline in August.
Grant Fitzner, chief economist of the ONS, said: "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth the economy contracted in the last three months as a whole.Read more: He added: "Sports events too had a slower month after a strong July and many other consumer-facing services struggled with retail, hairdressers and hotels all faring relatively poorly.
Chancellor Kwasi Kwarteng said the Government had "acted quickly" to tackle challenges facing "countries around the world".
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