By
Reuters
Printed
December 13, 2024
Britain’s financial system shrank unexpectedly by 0.1% in October, official information confirmed on Friday. Economists polled by Reuters had forecast a month-to-month growth of 0.1%.
Final month, the BoE trimmed its annual development forecast for 2024 to 1% from 1.25% however predicted a stronger 2025 with 1.5% development, reflecting a short-term enhance to the financial system from the big-spending funds plans of finance minister Rachel Reeves.
Britain’s financial output has grown slowly because the COVID-19 pandemic. Solely Germany, which was additionally hit exhausting by surging vitality prices after Russia’s invasion of Ukraine, has carried out noticeably worse among the many largest superior economies.
Earlier this month Prime Minister Keir Starmer confirmed that it was his ambition for Britain to have the quickest per capita development in gross home product among the many Group of Seven superior economies.
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