Britain’s economy shrank by 0.1% in October, underlining the scale of Labour’s challenge to get the economy growing. Figures from the Office for National Statistics showed the unexpected fall in GDP was driven by declines in construction and production, while the dominant services sector stagnated. Economists, polled by Reuters, had expected the economy to grow by 0.1%. It follows a decline of 0.1% in September and sluggish growth of 0.1% in the third quarter of the year, according to figures last month. The chancellor, Rachel Reeves, said the figures were 'disappointing' but insisted Labour was putting the economy back on track for growth. 'While the figures this month are disappointing, we have put in place policies to deliver long-term economic growth,' said Reeves. 'We are determined to deliver economic growth as higher growth means increased living standards for everyone, everywhere'
UK’s economy shrinks unexpectedly by 0.1% in October
