UK economy falls unexpectedly in October as higher rates bite

autotldr Bot , 6 months ago

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Commenting on the latest figures, Chancellor Jeremy Hunt said it was “inevitable” economic growth would be subdued while “interest rates are doing their job to bring down inflation”.

“These were also compounded by widespread falls in manufacturing and construction, which fell partly due to the poor weather, such as the severe winds and flooding seen during Storm Babet,” said Darren Morgan, its director of economic statistics.

Mark Mills-Goodlet, managing director of second-hand car dealership Winchester Motor Group, told the BBC that businesses still faced big questions over whether to invest more in their companies now rates are higher, or to wait.

In an interview with local news website Chronicle Live during a visit to the North East of England, he said that he was concerned over the UK economy’s potential to grow, adding: “There’s no doubt it’s lower than it has been in much of my working life.”

Around the Autumn Statement, the government’s independent forecaster slashed its growth outlook for the UK, partly due to high inflation and interest rates.

On Wednesday, the Resolution Foundation suggested that Britain was a “stagnation nation” due to poor productivity and a lack of investment in things like skills.

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