UK GDP contracts 0.3 in Q4 2023, sealing recession
Economic output stands only 1 higher than preCOVID level
Finance minister Hunt sees signs of brighter times ahead
Labour, ahead in polls, says government plan not working
GDP per person shrinks, longest run without growth on record

LONDON, Feb 15 Reuters Britain39;s economy fell into a recession in the second half of 2023, a tough backdrop ahead of this year39;s expected election for Prime Minister Rishi Sunak who has promised to boost growth.

Gross domestic product GDP contracted by 0.3 in the three months to December, having shrunk by 0.1 between July and September, official data showed.

The fourthquarter contraction was deeper than all economists39; estimates in a Reuters poll, which had pointed to a 0.1 decline.

Sterling weakened against the dollar and the euro. Investors added to their bets on the Bank of England BoE cutting interest rates this year and businesses called for more help from the government in a budget plan due on March 6.

Thursday39;s data means Britain joins Japan among the Group of Seven advanced economies in a recession, although it is likely to be shortlived and shallow by historical standards. Canada has yet to report GDP data for the fourth quarter.

Britain39;s economy stands just 1 higher than its level of late 2019, before the COVID19 pandemic struck with only Germany among G7 countries faring worse.

Sunak promised to get the economy growing as one of his key pledges to voters last…