Britain’s GDP contracted by 0.1% month-on-month in October, as it did in September, in a setback for new finance minister Rachel Reeves
Britain’s economy shrank for a second month in a row in October in the run-up to the government’s first budget, the first back-to-back falls in output since the onset of the COVID-19 pandemic and a setback for new finance minister Rachel Reeves.
The services sector flatlined, while output in the manufacturing and construction industries declined in October’s data, which measured the economy in the weeks before Reeves’ budget statement on Oct. 30. “While the figures this month are disappointing, we have put in place policies to deliver long-term economic growth,” Reeves said in a statement.
The S&P Global PMI report showed the first contraction in private sector activity in November in over a year.
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