US EditionUK economy contracts unexpectedly in January by 0.1%
- The UK economy unexpectedly contracted by 0.1% in January 2025, according to figures from the Office for National Statistics .
- Chancellor Rachel Reeves faces backlash from the business community over tax changes amid a surprise contraction.
- The figures indicate a decline in manufacturing and construction, contributing to concerns of recession, as reported by the ONS.
- Business leaders warn that impending tax hikes may lead to price increases and job cuts, reflecting rising concerns about the economy's stability.
110 Articles
110 Articles
Chancellor ‘Determined to Turn Around’ Economy Amid Surprise Fall in GDP
Chancellor Rachel Reeves has vowed to “turn around the poor performance of more than a decade” after Britain’s economy contracted in the first month of the year. Official figures showed GDP fell by 0.1 percent in January amid a sharp decline in the manufacturing sector, surprising economists who had forecast a slight increase. It follows 0.4 percent growth in GDP in December, the Office for National Statistics (ONS) said, and comes as a blow to …
U.K. economy shrinks in January in fresh setback for Starmer
The UK economy unexpectedly shrank at the start of 2025, piling fresh pressure on Prime Minister Keir Starmer’s government over the lack of momentum since Labour returned to power last summer. Gross domestic product fell 0.1% in a storm-hit January, driven by declines in manufacturing and construction, the Office for National Statistics said Friday. Economists had expected a 0.1% increase. It means output is still barely larger than when Labour …
Evening Standard
UK economy contracts in January amid faltering production sector
The latest economic figures for January came after a surprise leap in growth before Christmas.
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