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UK Economy Shrinks for Second Month in a Row

UK Economy Shrinks for Second Month in a Row
Credit: Getty Images

U.K.(Washington Insider Magazine) – The UK economy contracted by 0.1% in October 2024, marking a second consecutive month of decline, as concerns about the national Budget weighed heavily on confidence. Despite expectations for recovery, activity remained sluggish across sectors like retail, hospitality, and manufacturing. The economy’s performance in recent months has been shaped by ongoing uncertainty, particularly ahead of the October 30 Budget announcement.

Chancellor Rachel Reeves expressed disappointment at the figures but emphasized the government’s long-term plans for growth. Meanwhile, Shadow Chancellor Mel Stride criticized the economic downturn as a direct result of government policies.

As businesses and consumers held back on spending, economic growth has remained stagnant, with GDP expanding by only 0.1% in the three months leading up to October. Inflation and high interest rates continue to contribute to cautious consumer behavior, further hampering retail and small businesses.

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