UK Economy Contracted By 0.3% In October, Faster Than Expected, With Declines In Manufacturing And Construction

Economists warn of a recession but the Bank of England will keep interest rates at 5.25% to combat inflation. GDP fell by 0.3% in October, down from 0.2% in September, with experts expecting a 0.1% contraction.

Labour's shadow chancellor criticizes the government for failing to grow the economy, while Chancellor Jeremy Hunt defends his policies and predicts subdued growth due to interest rates. A drop-off in inflation and rising wages may boost the economy in the last two months of the year, but the big picture ### stagnant.

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'Economy contracted faster than expected in October, data suggests | Sidmouth Herald

The UK economy shrank in October as the manufacturing and construction sectors were hit by poor weather.

Gross domestic product (GDP) is thought to have fallen 0.3% during the month, down from 0.2% growth in September, the Office for National Statistics (ONS) said.

Reference: Economy contracted faster than expected in October, data suggests | Sidmouth Herald