UK economy

The UK economy contracted by 0.1% in October, marking a second consecutive monthly decline. This follows a drop in September and reflects ongoing concerns about the government's Budget, which contributed to reduced confidence. Sectors such as pubs, restaurants, and retail experienced weak performance. Despite this, Chancellor Rachel Reeves emphasized policies aimed at long-term economic growth. However, Shadow Chancellor Mel Stride attributed the downturn to the government's actions. Economists suggested uncertainty before the Budget and high interest rates were key factors holding back economic activity. Manufacturing saw the sharpest decline, while services remained stagnant. Small business owner Rick Gaglio noted that…