Risks of recession loom in the UK when it unexpectedly contracted in August for the second time in three months.
The Office for National Statistics (ONS) reported gross domestic product (GDP) growth contracted by 0.3% from a revised 0.1% expansion in July.
A sharp fall in production of 1.8% was the main contributor to this decline, with manufacturing declining 1.6%.
The decline in production was driven by declines in mining and quarrying and lower production from manufacturing, electricity and natural gas.
Britain's economy is expected to slow significantly as rising inflation hits households and forces the Bank of England (BOE) to raise interest rates faster.
UK Prime Minister Liz Truss and Finance Minister Kwarteng have promised to accelerate economic growth but their plans for massive tax cuts have sent financial markets into 'chaos'.
This has resulted in the BOE having to bear the consequences by implementing a bond purchase program.
