The most recent estimation from the Office for National Statistics has confirmed that the UK economy exhibited zero growth between July and September, with expectations of further stagnation in the latter half of 2024.
Liz McKeown, the director at the Office for National Statistics, highlighted the disappointing performance in sectors such as bars, restaurants, legal firms, and advertising, indicating underlying economic weaknesses.
Chancellor Rachel Reeves acknowledged the significant challenges posed by 15 years of economic neglect, emphasizing the difficult task ahead to fix the economy and ensure proper funding for public finances.
Despite not meeting the technical criteria for a recession, the stagnation in the UK's economic activity, combined with slumping business and consumer confidence, presents a concerning outlook for the government's growth ambitions.
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