The UK is in recession but does that matter (and could things be about to get better)?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 16 February 2024

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's finally happened. After months of will-we, won't-we speculation, the UK economy has finally succumbed to recession.

The ONS revealed this week that a drop in GDP in the final three months of 2023 meant that Britain had racked up two consecutive of negative growth - and thus the dreaded R word is here.

But is this a bad one, why does the term 'technical recession' keep being bandied about and do these backward-looking figures mask things already getting better?

On this week's podcast, Georgie Frost, Helen Crane and Simon Lambert look at what recession means for the UK and you.

Plus, who are the villains among big banks and building societies when it comes to sky-high standard variable rates for mortgage borrowers and is it them or the customers themselves to blame if somone ends up paying almost 10 per cent interest?

Also on the show, the customer turned down for a switching bonus by HSBC because they had a Midland account 21 years ago.

And finally, electric car sales aren't growing as fast as the government or car makers want. Does that mean it's time to drive a bargain?

Transcript

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0:00.0	Welcome to This Is Money podcast sponsored by Charles Stanley Direct.
0:06.8	I'm Georgie Frost and joining me and Simon Lambert today is Helen Crane.
0:10.8	And coming up, so the UK officially dropped into recession.
0:14.3	But does it really matter?
0:16.4	And are we actually about to feel better off?
0:19.2	Well, you probably won't be if you're on or about
0:21.3	to roll onto one of the worst standard variable rate mortgages out there. Could lenders start
0:26.1	charging double digit rates again? Also today, HSBC refused one reader a switching bonus
0:32.9	because they had an account 21 years ago. Crane is back on the case and car dealers slash the prices
0:40.9	of electric vehicles by up to a quarter in a bid to stimulate sales. Are we switching off EVs?
0:47.7	Don't forget, you're upstate with all the latest breaking money news. Just go to this ismoney.com.com.
0:51.8	UK or download the app.
0:55.4	Charles Stanley Direct. Investing made easy.
1:00.3	Cost effective and flexible.
1:04.4	Using our website or app.
1:07.6	With our comprehensive range of investments, trade in shares, funds, investment trusts and
1:14.0	ETFs, there's a range to suit all levels of investor.
1:18.2	Choose your own or consider our ready-made solutions.
1:21.7	Charles Stanley Direct.
1:23.6	Sign up now.
1:24.4	Investment involves risk.
1:25.9	But first, it's official.
	...

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