UK Economy Experiences Minimal Growth Amid Budget Uncertainty
The UK economy grew by just 0.1% in the July-September quarter, a significant slowdown from the previous quarter. Concerns over the upcoming Budget have left businesses hesitant, resulting in anticipated price hikes from major retailers. Chancellor Rachel Reeves expressed dissatisfaction with the figures, emphasizing the government’s commitment to enhancing growth. However, economists noted a cautious business climate influenced by recent tax increases and wage rises. The economy, primarily driven by the services sector, is striving to regain momentum amidst fears of further stagnation, leaving small businesses feeling particularly vulnerable.