The UK economy expanded by just 0.1% from July to September 2024, as announced in the most recent official data release.
The growth was less than anticipated, and the Office for National Statistics (ONS) reported that most sectors experienced subdued activity over the quarter.
Labour, having prioritised economic growth upon assuming power, found Chancellor Rachel Reeves expressing dissatisfaction with these figures, which represent the initial three months of the new administration.
Several economists have attributed the uncertainty surrounding the contents of October’s Budget as a factor impeding growth.
This impact was notably pronounced in September, when the economy saw a contraction of 0.1%.
Moreover, the government is contending with criticism from certain businesses that are opposed to the tax increases introduced in the Budget.
Whichever way you look at these figures; they’re utterly dire.