UK economy flatlined in October

Latest figures released by the Office for National Statistics show the UK economy flatlined month on month in October due to political uncertainty and a global slowdown.

British GDP’s failure to grow was worse than the 0.1% expansion expected by economists, However, it was a marked improvement from the 0.1% fall seen in the preceding month

The economy failed to grow in the three months to October, a timeframe which gives a more accurate picture of the economy, to make it the worse three month period for more than a decade. Production, including manufacturing, dropped by 0.7 per cent over this period, offsetting growth of 0.2 per cent in the services sector.

Currently, general election polls are predicting a Conservative majority. Should that happen, its chancellor Sajid Javid will need to revive a slowing economy: weak survey data from November showed that the services, manufacturing and construction sectors all shrank, boding badly for fourth-quarter growth.



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REF: MC/NL/1.2