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.

Figures from the

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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