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Rachel Reeves There has been a new shock after the new figures came out. Britain’s economic growth Slowed down in the third quarter of the year.
according to Office for National Statistics (ONS)The economy grew an unchanged 0.1 percent between July and September, according to official data, while expansion in the second quarter was weaker than anticipated.
The ONS confirmed that growth slowed in the third quarter after a cyber attack on Jaguar Land Rover hit activity in the manufacturing sector.
When Labor won power Ms Reeves promised that the government’s number one mission was to deliver high economic growth.
But after two budgets he has been accused of bringing anti-development measures including tax increases.
The ONS said output in the last three months was also worse than previously estimated, with gross domestic product (GDP) growing by 0.2 per cent in the three months to June, below the previous estimate of 0.3 per cent growth.
The ONS also revised down growth for the final quarter of last year to 0.3 per cent from 0.2 per cent recorded previously, although the out-turn for 2024 overall was left unchanged at 1.1 per cent growth.
Liz McKeown, ONS director of economic statistics, said: “Today’s updated figures paint a similar picture to our initial estimate, with growth remaining slow in the third quarter.
“Growth in services was partly offset by a decline in output, with a notable decline in car manufacturing.”
Despite the second-quarter revision, the UK economy remained the joint-fastest growing economy among the G7 group of countries with Japan growing by 0.9 per cent, followed by the US.