By The Telegraph (World News) | Created at 2024-11-15 07:10:14 | Updated at 2024-11-15 09:36:48
2 hours ago
Britain’s economy neared stagnation in the third quarter of the year, official figures show, in a blow to Sir Keir Starmer’s growth ambitions.
Gross domestic product (GDP) dropped to 0.1pc in the three months to September, according to the Office for National Statistics (ONS).
It was worst than the 0.2pc drop that had been expected by analysts and means the economy grew at a slower pace than the 0.5pc growth recorded in the three months to June.
ONS director of economic statistics Liz McKeown said: “Generally, growth was subdued across most industries in the latest quarter.”
Sir Keir Starmer pledged last year that a Labour government would make Britain the fastest growing economy in the G7 as one of his five long-term visions for the country.
However, the Office for Budget Responsibility (OBR) warned that Rachel Reeves’s £40bn of tax rises announced in the Budget will weaken long-term growth between 2026 and 2028 compared to its previous forecasts.
A poll of bosses by the Institute of Directors this month found that two-thirds of business leaders thought the Budget did not support the Government’s growth mission.
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