UK Economy Shrinks Unexpectedly Ahead Of Budget.
The UK economy got smaller in the three months up to October, official figures show. This was surprising because it grew slightly in September. Experts had expected no growth.
The report said:
Services didn’t grow.
Construction fell by 0.3%.
Production dropped by 0.5%, mainly due to fewer cars and trailers being made.
Lindsay James, an investment expert, said the UK economy is struggling, and this report is worse than expected. She also said it doesn’t look good for next month’s numbers. With the central bank rate decision coming soon, James said the Bank of England might need to lower interest rates. But since inflation is still high, they may not be able to cut rates quickly.
