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UK hunts for elusive growth after lost year for the economy

Worst inflationary surge in a generation takes its toll with output not rising above January levels
Construction, manufacturing and hospitality performed well in October but have trended downward since then

Rishi Sunak was quick to declare victory in November when he met his goal of presiding over a halving of inflation. But the prime minister had less room for rejoicing over one of the other pledges he set out at the start of the year: his vow to grow the economy.

The story of 2023 has instead been one of near-stagnation — a lost year which was confirmed last week as the Office for National Statistics reported a 0.3 per cent drop in gross domestic product between September and October.

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