UK economy shrinks unexpectedly as households feel squeeze
by Richard Partington Economics correspondent from Economics | The Guardian on (#6H3PG)
GDP fell by 0.3% in October as Bank of England prepares to keep interest rates on hold
Britain's economy shrank unexpectedly by 0.3% in October as households and businesses came under growing pressure amid the cost of living crisis, raising the chances of a recession.
The Office for National Statistics said that gross domestic product (GDP) fell on the month, after growth of 0.2% in September, with contractions across all main sectors of the economy. City economists had forecast zero growth.
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