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UK economy shrinks by 0.3% in August

The UK economy unexpectedly shrank by 0.3% in August, the Office for National Statistics says

It said the fall was because of a slowdown in manufacturing and in consumer facing businesses such as hairdressers and hotels

Analysts thought the economy would stall in August because of rising costs, but did not expect it to shrink

The Bank of England has previously said that it expects the UK to fall into a recession by the end of the year

This comes as Bank of England warns investors its emergency bond-buying intervention designed to stabilise the economy after the mini-budget – will end on Friday

Prime Minister Liz Truss will appear at PMQs later – it’ll be first time she’s appeared at the dispatch box since the mini-budget sparked market turmoil

Writing by Omotola Oguneye