The British economy has contracted by 0.3 per cent according to official data by the Office of National Statistics (ONS).

Monthly GDP is estimated to have shown no growth in the last three months to October 2023 compared with the three months to July this year.

The fall comes as a shock to the economy given the slight growth of 0.2 per cent seen just one month before in September.

Speaking on Breakfast with Eamonn and Isabel, GB News’ Political Correspondent Olivia Utley warned the UK was “teetering on the edge of recession”.

She said: “What we’ve seen in the economy throughout this year is we’ve seen it rise just above zero or fall just below zero.

“We’re teetering on the edge of a recession, just stagnating constantly which is not what Rishi Sunak promised.

“Meanwhile, on some of those other pledges, we’ve seen NHS waiting lists grow to the highest they’ve ever been - over seven million people on waiting lists in England and Wales.

“Rishi Sunak asked the public to judge him on those five pledges. He doesn’t seem to be doing too well.”