The UK is teetering on the edge of a recession, official figures show, after initial estimates on the performance of the economy were revised down.

Gross domestic product (GDP) fell by 0.1pc in the three months to September, according to the Office for National Statistics.

Initial estimates had indicated the economy flatlined in the third quarter, and the subsequent estimates that the economy shrank by 0.3pc in October means the fourth quarter could also show a contraction.

Two consecutive quarters of economic contraction are the definition of a technical recession.

Britain’s economy is also estimated to have shown no growth in the second quarter of the year, revised down from a previously estimated increase of 0.2pc.

The data will increase pressure on the Bank of England to cut interest rates early next year to avoid a deeper economic downturn.

Separate figures showed this week that inflation fell to 3.9pc in November as households battled with 15-year high interest rates of 5.25pc.

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