The UK economy had zero growth between July and September, stagnating in the time since Sir Keir Starmer’s leftist Labour government took office.
The BBC reports the revised data comes after a series of disappointing figures including inflation rising at its fastest pace for eight months, and the economy unexpectedly shrinking in October.
One of the UK’s leading business groups, the CBI said its latest company survey suggested “the economy is headed for the worst of all worlds” with some economists already predicting Britain’s economy is on the brink of recession.
Revised figures from the Office for National Statistics (ONS) make clear the previous estimate for July and September said the economy grew by 0.1 percent.
ONS estimates show real GDP per head fell by 0.2 percent in the third quarter of 2024, and is 0.2 percent lower compared with the same quarter a year ago.
The UK and Italy had the lowest growth in the G7 in the third quarter, both going nowhere in the time period.
Bars and restaurants, legal firms and advertising performed “less well”, the director of economic statistics Liz McKeown said on Monday, SKY News reports.
“The household saving ratio fell a little in the latest period, though remains relatively high by historic standards,” she added.
“Meanwhile, real household disposable income per head showed no growth.”
