Between July and September, the UK economy increased very little, and the sluggish growth was attributed to uncertainties surrounding the budget.
Over the course of the three months, the GDP grew by a meager 0.1% and contracted in September.
When Labour came to office, increasing economic growth was its main aim. However, Chancellor Rachel Reeves expressed her dissatisfaction with the most recent data, which only cover the first three months of the new government.
Nonetheless, a lot of companies have criticized the budget’s tax increases, claiming that they will result in greater costs and fewer new jobs.
Due to the changes, major corporations like JD Sports, Sainsbury’s, and Marks & Spencer have hinted that they will raise prices.
The most recent growth statistic was a dramatic decline and lower than anticipated.
