UK Economy Flatlines as Labour Faces Early Challenges in Power

Revised GDP figures show zero growth, raising concerns about recession and the effectiveness of Labour’s economic strategy.

• The UK economy recorded zero GDP growth in the third quarter of 2024, with per capita output falling by 0.2%, according to revised data from the Office for National Statistics.
• Economists warn the UK could already be in a technical recession, with stagnation expected to continue into early 2025.
• Chancellor Rachel Reeves faces criticism for increased business costs, including higher national insurance contributions, which some argue may hinder growth and job creation.
• Labour’s long-term plans for infrastructure investment and planning reform aim to boost growth, but visible benefits may take years to materialize.
• Business confidence remains low, though rising investment and potential interest rate cuts offer glimmers of hope for economic recovery.

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