The UK economic system had zero progress between July and September, revised official figures present.
Preliminary figures had recommended the economic system had grown by simply 0.1% between July and September – and shrank throughout September itself. However that determine has now been revised all the way down to 0%.
Chancellor Rachel Reeves stated the problem to repair the economic system was “big” and October’s Price range would “ship sustainable long-term progress, placing extra money in folks’s pockets”.
However one of many UK’s main enterprise teams, the CBI stated its newest firm survey recommended “the economic system is headed for the worst of all worlds”.
The CBI, which claims to characterize 170,000 corporations, stated corporations count on to “cut back each output and hiring” and lift costs because of the tax rises introduced within the authorities’s Price range.
The UK economic system is measured by gross home product – a measure of all of the financial exercise of corporations, governments and other people within the nation.
The ONS places out preliminary estimates on the UK’s financial efficiency and revises them as soon as it receives extra knowledge.
On Monday it additionally revised down progress figures for April to June to 0.4% from 0.5%.
It stated the economic system was weaker than initially estimated as bars and eating places, authorized corporations and promoting corporations carried out much less nicely.
