What is a recession and how could it affect me?

The Bank of England is predicting a recession for the UK economy will begin later in 2022.
 

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So what exactly does that mean?
 

What is a recession?
In normal times, a country's economy grows.
 

Its citizens, on average, become slightly richer as the value of the goods and services it produces - its Gross Domestic Product (GDP) - increases.
 

But sometimes their value falls, and a recession is usually defined as when this happens for two three-month periods - or quarters - in a row.
 

When this happen it's a sign the economy is doing badly.
 

The last time the UK went into recession was in 2020 at the height of the coronavirus pandemic.
 

Why does a recession matter?
For most people, economic growth is good.
 

It usually means there are more jobs, and companies are more profitable and can pay employees and shareholders more.
 

A growing economy also gives the government more money in taxes. So it can cut taxes, or spend more on benefits, public services and government workers' wages.
 

When the economy shrinks, all these things go into reverse.