The Bank of England established the City of London on November 6, 2024 in London, England. The City of London is a city, ceremonial shire and local government area containing London’s main central business district (CBD). The City of London is widely known simply as “The City” and colloquially as “The Square Mile”. (Photo by Mike Camp/Getty Images)
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The Office for National Statistics said on Friday that the British economy grew by 0.1% in the third quarter of this year.
That was below expectations of economists polled by Reuters, who forecast gross domestic product would grow 0.2% in the first three months of the year.
This comes after UK inflation dropped sharply to 1.7% Inflation fell below the Bank of England’s 2% target for the first time since April 2021 in September. 25 basis points On November 7, the key interest rate rose to 4.75%.
The Bank of England said last week it expected the Labor government’s tax increase budget to boost GDP growth by 0.75 percentage points within a year. Policymakers also noted that the government’s fiscal plans have led to upward revisions to inflation forecasts.
The results of the recent U.S. election have created significant uncertainty about the impact of President-elect Donald Trump’s re-election on the global economy. While Trump’s proposed tariffs are expected to general inflation and Serious blow to European economysome analysts said that such measures can provide opportunities For the British economy.
Bank of England Governor Andrew Bailey last week revealed little about the bank’s views on Trump’s tariff agenda, but he did mention the risk of global fragmentation.
“Let’s wait and see where things go. I’m not going to prejudge what may or may not happen,” he told reporters at a news conference.
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