Overview

• The UK economy contracted by 0.1% in both September and October, marking the first consecutive monthly declines since early 2020 and fueling fears of stagnation or a short recession.
• Labour MPs express growing frustration over the lack of immediate economic improvements, fearing voter impatience and dissatisfaction with the government's early performance.
• Chancellor Rachel Reeves defends the government's economic policies as focused on long-term growth, while critics argue that the Budget created uncertainty and dampened business and consumer confidence.
• Key industries, including construction and manufacturing, reported declines in output, with experts warning of ongoing challenges in sectors like chemicals, machinery, and pharmaceuticals.
• Economic analysts predict minimal growth in the coming months, with some optimism tied to increased government spending and potential interest rate cuts in 2025.