UK economy inches up by lower-than-expected 0.1% in November
2025.01.16 02:20
LONDON (Reuters) – Britain’s economic output inched up by a lower-than-expected 0.1% in November compared with October, data from the Office for National Statistics showed on Thursday.
A Reuters poll of economists had forecast a monthly expansion of 0.2%.
The figures from the Office for National Statistics represented the first gauge of gross domestic product in the period after finance minister Rachel Reeves’ Oct. 30 budget which included increases in the tax burden on employers.
Britain’s economy, which was slow to recover from the COVID-19 pandemic, showed zero growth in the third quarter when uncertainty about the upcoming budget hit businesses. The Bank of England expects another flat-lining in the last three months of 2024.
Concerns about weak growth contributed to a recent surge in government borrowing costs which dropped sharply on Wednesday after a surprise fall in inflation.
The Labour government says it is targeting the fastest per capita growth in gross domestic product among the Group of Seven advanced economies.
