19 sources·Business

UK's Economic Growth Stalls Amidst Global Trade Fears and Domestic Challenges

UK economic growth recorded a mere 0.1%, prompting Chancellor Reeves's reform efforts as global trade tensions rise.

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Updated: Nov 15th, 2024, 10:49 AM ET

Summary

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The UK economy grew only 0.1% in the third quarter, a significant slowdown from previous gains. Chancellor Rachel Reeves aims to address stagnation through trade reforms and closer ties with the US, reflecting concerns over potential 20% tariffs from President-elect Trump. Former French President Hollande urges EU unity against US protectionism, emphasizing the need for strategic collaboration among Germany, the UK, and France. The Bank of England warns of Brexit's economic impact, highlighting the importance of rebuilding relations with Brussels to mitigate trade barriers and stimulate growth.

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