UK economy: GDP shrunk in October in fresh blow for Rachel Reeves
ONS reveals UK economy shrank again in October
- The UK economy contracted by 0.1 per cent in October, according to figures released by the Office for National Statistics.
- This marks a period of no economic growth since June, with concerns that two consecutive quarters of contraction could lead to a recession.
- ONS director Liz McKeown highlighted continued weakness in car manufacturing as a contributing factor, despite a slight recovery from a significant fall in the previous month.
- The contraction defied most economists' predictions of a 0.1 per cent rise, which had anticipated a manufacturing bounceback.
- The Treasury affirmed its commitment to defying growth forecasts, creating jobs, and investing in public services, citing measures such as energy bill reductions and infrastructure projects.