The United Kingdom's economic growth slowed significantly in the third quarter, expanding by just 0.1 percent. This figure fell below analyst expectations and represented a deceleration from the previous quarter.
Official statistics indicated that a steep decline in car production, largely resulting from a cyber-attack on Jaguar Land Rover, was a primary cause. Broader economic activity also weakened, with slower growth in services and construction alongside subdued consumer spending. Economists suggested these disappointing numbers might lead the Bank of England to consider an interest rate cut.
The Chancellor, Rachel Reeves, acknowledged the need for further economic building while defending the nation's performance relative to other G7 countries. She stated her upcoming Budget would include fair decisions aimed at reducing debt and lowering living costs. Some analysts, however, predicted that anticipated tax increases could further dampen future economic growth.
Official statistics indicated that a steep decline in car production, largely resulting from a cyber-attack on Jaguar Land Rover, was a primary cause. Broader economic activity also weakened, with slower growth in services and construction alongside subdued consumer spending. Economists suggested these disappointing numbers might lead the Bank of England to consider an interest rate cut.
The Chancellor, Rachel Reeves, acknowledged the need for further economic building while defending the nation's performance relative to other G7 countries. She stated her upcoming Budget would include fair decisions aimed at reducing debt and lowering living costs. Some analysts, however, predicted that anticipated tax increases could further dampen future economic growth.
