𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Rachel Reeves suffered a fresh blow as recession fears intensified after the economy shrunk once again.

GDP was down 0.1 per cent in October, defying hopes of a bounceback following a 0.1 per cent decline in September and flatlining in August.

Most economists had been expecting a rise of 0.1% for October on hopes of a manufacturing bounceback led by Jaguar Land Rover’s (JLR) recovery from a major hack.

The data shows the UK economy has now not grown since June, with GDP either flat or falling in the past four months.

ONS Director of Economic Statistics Liz McKeown said: “The economy contracted slightly in the latest three months, as production fell again and services growth stalled.

“Within production, there was continued weakness in car manufacturing, with the industry only making a slight recovery in October from the substantial fall in output seen in the previous month.

“Overall services showed no growth in the latest three months, continuing the recent trend of slowing in this sector. There were falls in wholesale and scientific research, offset by growth in rental and leasing and retail.”

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