Chancellor of the Exchequer Rachel Reeves during a press conference in London, on July 29, 2024. Lucy North/PAThe UK economy contracted for a second consecutive month in October, underscoring a loss of momentum ahead of a major tax-raising budget and intensifying expectations that the Bank of England will cut interest rates next week.Real gross domestic product fell by 0.1 percent in October after an identical decline in September and flat growth in August, the Office for National Statistics (ONS) said on Dec. 12, citing its monthly estimate of GDP.
UK Economy Contracted Ahead of Autumn Tax-Raising Budget, Official Figures Show
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