GDP shrank by 0.2% in the second quarter amid manufacturing slump
- Recession fears grow as UK economy shrinks on back of Brexit chaos
- Schoolchildren in China work overnight to produce Amazon Alexa devices
- 1MDB: Malaysia files charges against 17 current and ex-Goldman Sachs bosses
The sterling sell-off on currency markets has steepened: the pound is now below $1.21 against the US dollar and below €1.08 against the euro.
That represents a daily decline of 0.5% against the euro, and 0.3% against the dollar: lows of €1.0784 and $1.2078 respectively.
Thank you to Carlito1996 in the comments for dredging this link up from way back in the mists of time – 21 June 2016, just before the Brexit referendum: Boris Johnson promising to apologise if a Brexit vote led to a recession.
Two major caveats: the original question was slightly imprecise, so the new prime minister may have been referring to forecasts of an immediate recession following a vote in favour of leaving. And the UK has not reached recession, and many economists do not expect it to.
Of course I will […] I’m not certain what my political career holds anyway. This is far more important than any individual political career.