The announcement this morning sees the first economic contraction since the final COVID lockdown. The UK saw a drop of 0.2% in GDP, which is thought to be the start of a drawn-out recession. The figure announced is better than expected, however, singling out September there was a large contraction of 0.6%, it reflected the extra bank holiday and period of national mourning for Queen Elizabeth II. The cost-of-living crisis is also a contributing factor, it has caused household spending and retail sales to drop within the last quarter. The economic outlook is dependent on the UK household's willingness to spend the excess savings that were built up during the pandemic.