UK economy shrank for two consecutive quarters following 0.1% contraction in Q3
All three main sectors of the UK economy saw contractions through the month
How, in the three months to November UK GDP fell by 0.3%
ONS data shows GDP fell by 0.3%, up from 0.2% and below expectations
‘Toxic cocktail’ of inflation, rate hikes and government instability
The growth in July follows a 0.6% decline in June
Unemployment forecast is downgraded in chancellor’s Autumn Budget
The Bank of England’s monetary policy committee has voted unanimously to hold its key interest rate at 0.1%, with the central bank now forecasting a stronger outlook for GDP growth and inflation.
The UK economy returned to growth in February, expanding by an estimated 0.4% even as nationwide lockdowns remained in place, although GDP output remained 7.8% below a year earlier, according to the latest figures.
Keeps interest rates and QE at current levels