UK GDP fell 0.2% in July-September as cost of living crisis, rising interest rates and State Funeral hit economy
The decline in UK manufacturing last quarter drove the economy down, says ONS director of economic statistics Darren Morgan:
Morgan also points to a ‘notable’ fall in retail activity – a sign that the cost of living crisis hit consumer spending.
“With September showing a notable fall partly due to the effects of the additional bank holiday for the Queen’s funeral, overall the economy shrank slightly in the third quarter.
“The quarterly fall was driven by manufacturing, which saw widespread declines across most industries.
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