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 UK economy unexpectedly shrank in October, data from the Office for National Statistics (ONS) showed.
The Office for National Statistics (ONS) predicts that gross domestic product will fall by 0.1% quarter-to-quarter. explain Officials on Friday attributed the downturn to lower production. Economists polled by Reuters expected GDP to grow 0.1% in October.
This marks the country’s second consecutive recession after GDP fell 0.1% September.
The Office for National Statistics said real GDP was expected to increase by 0.1% in the three months to October compared with the first three months to July.
UK Finance Minister Rachel Reeves acknowledged in a statement on Friday that October’s data was “disappointing” but defended the government’s policies. divisive economic strategy.
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