UK Economy Grows 0.1% in Q3

Britain's economy grew by a mere 0.1% in the third quarter of 2024, sharply down from 0.5% in the previous quarter and below the expected 0.2%, according to the Office for National Statistics. This stagnation has led Chancellor Rachel Reeves to express her dissatisfaction, emphasizing the need for reforms and investment to stimulate economic growth. Key sectors showed mixed performance, with a decline in manufacturing and IT services contributing to a contraction of 0.1% in September alone. Despite the grim data, a 1.2% increase in business investment offers some optimism for future growth. Critics argue that recent government spending and tax increases could hinder economic recovery, while Reeves aims to stabilize public finances and enhance job creation. The Bank of England has also adjusted its growth forecast for 2024, reflecting these economic challenges.