The UK economy unexpectedly failed to grow in January as the dominant services sector struggled, in a lacklustre start to the year even before the Middle East war sparked a global energy shock.
The zero growth registered in the month was below the 0.2 per cent expansion forecast by economists in a Reuters poll and December’s 0.1 per cent reading.
Friday’s figure underlines the hurdles facing chancellor Rachel Reeves as she attempts to revive an economy in which businesses and households are now contending with a surge in oil and gas prices.
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