The UK’s financial slowdown gathered additional momentum throughout the third quarter of the yr with development of simply 0.1%, in response to an early official estimate that makes for horrific studying for the chancellor.
The Workplace for Nationwide Statistics (ONS) reported a shock contraction for output throughout September of -0.1% – with a few of the downwards stress being utilized by the cyber assault disruption to manufacturing at Jaguar Land Rover.
The figures for July-September adopted on the again of a downwardly revised 0.2% development efficiency over the earlier three months and the 0.7% enlargement achieved between January and March.
Cash newest: The £110 profit 1.1 million older Britons do not declare
The encouraging begin to 2025 was quickly adopted by the worst of Donald Trump’s commerce conflict salvoes and the implementation of funds measures that positioned employers on the hook for £25bn of additional taxes.
Every has been blamed by economists since for pushing up inflation and harming funding and employment.
ONS director of financial statistics, Liz McKeown, mentioned: “Progress slowed additional within the third quarter of the yr with each providers and development weaker than within the earlier interval. There was additionally an extra contraction in manufacturing.
“Throughout the quarter as a complete manufacturing drove the weak spot in manufacturing. There was a very marked fall in automotive manufacturing in September, reflecting the influence of a cyber incident, in addition to a decline within the often-erratic pharmaceutical business.
“Providers had been the primary contributor to development within the newest quarter, with enterprise rental and leasing, reside occasions and retail performing properly, partially offset by falls in R&D [research and development] and hair and wonder salons.”
Please refresh the web page for the newest model.
