Britain's economy shrank for the second straight month as GDP dropped 0.1 percent, which nobody saw coming since forecasters thought things would bounce back. The slump happened because people and companies basically froze up before the Chancellor dropped the Autumn Budget, and services got hit the hardest, while construction also tanked. Car manufacturing actually jumped after Jaguar Land Rover got back online following that cyberattack shutdown, but it was not enough to save the overall numbers.
Businesses across industries admitted they were sitting on their hands waiting to see what tax hikes were coming, and the uncertainty killed spending and investment decisions. The Bank of England has a rate call coming up, and investors are betting on a cut from 4 percent since the labor market is cooling off and the economy keeps stumbling.
Businesses across industries admitted they were sitting on their hands waiting to see what tax hikes were coming, and the uncertainty killed spending and investment decisions. The Bank of England has a rate call coming up, and investors are betting on a cut from 4 percent since the labor market is cooling off and the economy keeps stumbling.
