UK’s economy shrinks unexpectedly by 0.1% in October
Fri, 13 Dec 2024, 07:07
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Britain’s economy shrank by 0.1% in October, underlining the scale of Labour’s challenge to get the economy growing.
Office for National Statistics
showed the unexpected fall in GDP was driven by construction and production, while the dominant services sector stagnated.Economists, polled by Reuters, had expected the economy to grow by 0.1%. It follows sluggish growth of
0.1% in the third quarter of the year
, according to figures last month.Keir Starmer said last week it was the
government’s “aim” to make the UK the fastest-growing G7 economy
, while pledging to deliver higher real household disposable income by 2029.However, a range of companies have said they plan to slow spending and hiring after
Labour’s budget in October, which included £40bn of tax rises
.
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