Traders lift bets on UK interest rate cuts in 2024 after economy shrinks in October – as it happened

Rachel Reeves warns that economic growth is going backwards after GDP shrinks by 0.3% in October, prompting City to predict 100bp of rate cuts in 2024

• UK economy shrinks unexpectedly as households feel squeeze

The UK services sector shrank in October, by 0.2%, for the first time since July.

The main driver was the information and communication sector, where activity fell by 1.7%. That was driven by weaker output in the computer programming, consultancy, and movie, video and TV production sector.

There were three days of coordinated industrial action by junior and senior doctors in October 2023, where NHS England news reported that 118,026 appointments were rescheduled. This is less than the four days of strikes in September 2023, where another NHS England news article reported that 129,913 appointments were rescheduled.