3 sources·Business

UK Economy Stalls with Minimal Growth: Chancellor Calls for Reform and Investment

Chancellor Rachel Reeves expresses dissatisfaction with the UK’s stagnating economy, highlighting the need for investment and reform to drive growth.

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Updated: Nov 15th, 2024, 10:51 AM ET

Summary

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UK GDP grew by a meager 0.1% for the quarter ending September, disappointing expectations. Chancellor Rachel Reeves emphasizes the necessity of investment and reform to stabilize the economy. Economists warn that growth is crucial for tax revenue and public finances after the budget saw tax increases that may deter spending. September saw a contraction in GDP, influenced by weak production output and a struggling services sector. Labour faces criticism over economic performance, as calls for immediate government action grow to stimulate growth amid long-term challenges. Geopolitical tensions and cost pressures pose additional risks.

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