The UK financial system is sliding into recession and Europe is about to comply with

The UK economy is sliding into recession and Europe is set to follow


London
CNN Business
 — 

The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next.

UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday.

The United Kingdom is the only G7 economy to have contracted in the third quarter and is now 0.4% smaller than it was at the end of 2019, before the coronavirus pandemic began, according to the ONS.

“The quarterly fall was driven by manufacturing, which saw widespread declines across most industries. Services were flat overall, but consumer-facing industries fared badly, with a notable fall in retail,” ONS director of economic statistics Darren Morgan said in a statement.

The extra bank holiday for Queen Elizabeth II’s funeral on September 19 also played a role, as some businesses…