US EditionPublished • loading... • Updated
UK economy unexpectedly shrinks by 0.1% ahead of budget, data shows
The U.K. economy shrank 0.1% for the second month as uncertainty before the Autumn Budget deterred investment despite a 1.1% yearly growth, the Office for National Statistics said.
- Data released earlier Friday by the Office for National Statistics showed the U.K. economy fell by 0.1% in October, matching September's decline and missing the 0.1% growth expected.
- Amid pre-budget caution, uncertainty ahead of the Autumn budget by Chancellor Rachel Reeves likely deterred businesses and consumers, with firms including manufacturers and real estate firms waiting for the budget outcome.
- After Jaguar Land Rover factories reopened, the production and manufacturing sector rose 1.1%, but construction sector activity fell 0.6%.
- The Confederation of British Industry raised its growth forecast to 1.3% next year and revised this year to 1.4%, but CBI chief economist Louise Hellem said the tone was cautious optimism.
- With the Bank of England meeting next week, the BOE is widely expected to cut interest rates to 3.75%, and Deutsche Bank analysts have trimmed Q4 growth forecasts from 0.2 to 0.1% as inflation eased to 3.6%.
Insights by Ground AI
38 Articles
38 Articles
Coverage Details
Total News Sources38
Leaning Left7Leaning Right4Center9Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 35%
C 45%
R 20%
Factuality
To view factuality data please Upgrade to Premium
