Interest rate cut next week nailed on' as UK economy grows just once in seven months

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"Experts have predicted a pre-Christmas interest rate cut is now nailed on after a shock contraction in the economy in October. Pre-Budget concerns and speculation around tax hikes has been blamed for after the economy unexpectedly shrank for the second time in as many months. The official figures show the economy shrank by 0.1 per cent in October, following a 0.1 per cent decline in September. It means the UK economy has grown only once in the last seven months."

The Independent channels reader donations to fund on-the-ground reporting across issues such as reproductive rights, climate change and Big Tech while deliberately avoiding paywalls so reporting remains freely accessible. Donations support investigations, documentaries and interviews that aim to present multiple perspectives and cover both sides of stories. Official figures show the UK economy contracted by 0.1 percent in October after a 0.1 percent decline in September, leaving growth in only one of the last seven months. Pre-Budget concerns and tax-hike speculation have been cited as factors, and economists now view a pre-Christmas rate cut to around 3.75 percent as probable.

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