Europe

UK Economy Contracted Ahead of Autumn Tax-Raising Budget, Official Figures Show

The Bank of England is currently holding its benchmark interest rate at 4 percent and will announce its next decision on Dec. 18.
UK Economy Contracted Ahead of Autumn Tax-Raising Budget, Official Figures Show
Chancellor of the Exchequer Rachel Reeves during a press conference in London, on July 29, 2024. Lucy North/PA
Evgenia Filimianova
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The UK economy contracted for a second consecutive month in October, underscoring a loss of momentum ahead of a major tax-raising budget and intensifying expectations that the Bank of England will cut interest rates next week.

Real gross domestic product fell by 0.1 percent in October after an identical decline in September and flat growth in August, the Office for National Statistics (ONS) said on Dec. 12, citing its monthly estimate of GDP.
Evgenia Filimianova
Evgenia Filimianova
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Evgenia Filimianova is a UK-based journalist covering a wide range of international stories, with a particular interest in foreign policy, economy, and UK politics.