UK suffers worst growth in G7; rail fare increase criticised – as it happened

UK GDP contracted by 0.3% in July-September, lagging behind other G7 countries, as UK households' living standards fall again..... while rail fares in England to rise by nearly 6% in March

• Rail fares in England to increase by up to 5.9% in March

Reuters' Andy Bruce has summed up the key points from today's UK GDP quarterly national accounts report.

The wave of strikes across the UK in recent weeks could also hit economic growth this quarter.

Kate Nicholls, chief executive officer of trade group UKHospitality, said takings were 46% lower in real terms than during the same week in 2019. Four days of strikes caused chaos on train services and convinced many people to work from home.

Across London as a whole, revenue was down 37% last week compared with 2019 and adjusting for inflation, Nicholls said. Hospitality businesses across the UK reported a 30% cancellation rate on bookings, as Christmas parties were called off.