UK Economy Shrank in October Threatening Rishi Sunak’s Growth Pledge

Published on December 13, 2023

The UK economy flatlined in the three months leading up to October and contracted by 0.3 percent in October, official data shows. In a blow to Prime Minister Rishi Sunak, who at the beginning of the year pledged to grow the economy, saw contractions across all three main sectors. The Office of National Statistics (ONS) data for October showed falling output in services, production and manufacturing. Monthly GDP has fallen by 0.3 percent in October, following 0.2 percent growth in September 2023. The services sector, which in the UK has always been the strongest part of the economy, fell by 0.2 percent. Information and communication services, including computer programming, consultancy and motion picture, video and TV production, were the main drivers to the drop....

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