archiveUK

The UK economy unexpectedly contracted in October as higher interest rates took its toll on activity, adding to expectations that the Bank of England is close to interest rate cuts. Gross domestic product shrank 0.3 percent in October, partially offsetting growth of 0.2 percent in September, the Office for National Statistics reported Wednesday. The fall was the first in three months and confounded expectations for flat growth.Data suggests that the economy may go nowhere again in the fourth quarter or perhaps is in the mildest of mild recessions, Capital Economics'...