The latest figures covering October reveal a concerning 0.1% contraction in the UK economy, which foiled expectations of slight growth, intensifying challenges for Labour’s economic plans.
Labour's economic strategy focuses on growth, but rising taxes amounting to £40bn raise concerns about potential negative impacts on these ambitious objectives.
ONS director Liz McKeown stated that the economy's contraction in October was marked by stagnation in services, alongside declines in production and construction sectors.
With sectors like oil, gas, pubs, and retail reporting poor performance, contrasting growth in telecoms, legal, and logistics sectors highlighted a mixed economic landscape.
Collection
[
|
...
]