UK economic growth slower than expected in third quarter
UK's economy showed signs of slowing in the third quarter, official data revealed Thursday, posing a further challenge for the Labour government ahead of its annual budget.
Gross domestic product (GDP) grew just 0.1 percent in the July-September period, down from 0.3 percent in the second quarter, the Office for National Statistics (ONS) said, News.Az reports, citing foreign media.
Analysts had expected 0.2 percent growth.
The weak growth follows data earlier this week showing UK unemployment rose more than anticipated to 5.0 percent in the third quarter, ahead of the November 26 budget.
Prime Minister Keir Starmer’s Labour party has struggled to consistently boost the economy since returning to power in July 2024, after 14 years of Conservative rule. Many analysts attribute the slowdown to Finance Minister Rachel Reeves’ decision to increase a tax on businesses in her first budget last year.
Reeves has signaled that taxes could rise on some salaries in the upcoming budget to help reduce government debt and fund public services.
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