UK Economy Stalls; Labour Policies Scrutinized

The UK economy experienced no growth between July and September 2024, as revised figures from the Office for National Statistics (ONS) showed a stagnation from an initially estimated 0.1% growth. This stagnation has raised concerns about the possibility of a recession, exacerbated by factors like decreased performance in the services sector and reduced exports. The Labour government's recent policy changes, including increased national insurance contributions, have been cited as contributing factors to the economic slowdown. Business confidence has waned amid fears of further economic contraction in the final quarter of the year. The UK and Italy were the only G7 nations to record no growth during this period. Despite the bleak economic data, Chancellor Rachel Reeves expressed determination to address the challenges and drive sustainable long-term growth.