UK Economy Experiences Zero Growth Amid Labour's Early Challenges
Revised figures show the UK economy flatlined in the third quarter, raising concerns over Labour government’s economic policies and strategies.
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Overview
The UK economy had zero growth in Q3 2024, a revision from an earlier estimate of 0.1%, attributed to weaker performance in bars, restaurants, and legal firms. The Labour government faces intense scrutiny over its management of the economy, particularly after increasing taxes by £40 billion. Although growth has stalled, experts warn that this may not signal a technical recession yet. Business confidence is low, and expectations for growth in early 2025 are gloomy, with many companies indicating potential job cuts and price increases in response to recent fiscal policies.
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