Despite predictions that the economy would rebound from a decline in September, official data indicated a 0.1% decline.
According to the Office for National Statistics (ONS), the retail, restaurant, and pub industries saw “weak months” as activity stopped or decreased.
Although the number was “disappointing,” Chancellor Rachel Reeves stated, “We have put in place policies to deliver long-term economic growth.”
The decline in growth, according to shadow chancellor Mel Stride, “demonstrates the stark impact of the chancellor’s decisions and continually talking down the economy.”
Businesses and consumers resisted spending, according to Yael Selfin, chief economist at KPMG, who claimed that activity was “held back by uncertainty ahead of the Budget on 30 October”.
