The UK economy unexpectedly contracted by 0.1 per cent in January, underscoring the challenge facing chancellor Rachel Reeves as she prepares to deliver a high-stakes Spring Statement this month.
Friday’s monthly GDP figure from the Office for National Statistics was below both the 0.1 per cent growth predicted by economists polled by Reuters and December’s 0.4 per cent. The decline was largely driven by weakness in the production sector.
The chancellor is preparing to rein in public spending in her March 26 Spring Statement after disappointing growth and government borrowing figures sparked fears that she is on track to break her fiscal rules.
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