{"id":342625,"date":"2025-12-12T07:20:08","date_gmt":"2025-12-12T07:20:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/342625\/"},"modified":"2025-12-12T07:20:08","modified_gmt":"2025-12-12T07:20:08","slug":"uk-economy-shrank-unexpectedly-before-budget-data-shows-economic-growth-gdp","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/342625\/","title":{"rendered":"UK economy shrank unexpectedly before budget, data shows | Economic growth (GDP)"},"content":{"rendered":"

Britain\u2019s economy unexpectedly shrank in October before Rachel Reeves\u2019s budget, official figures show, as activity failed to regain momentum after the cyber-attack on Jaguar Land Rover<\/a>.<\/p>\n

Figures from the Office for National Satistics (ONS)<\/a> showed gross domestic product fell by 0.1%, after a 0.1% drop in output in September. City economists had predicted a 0.1% rise in October.<\/p>\n

It comes as the Bank of England<\/a> mulls cutting interest rates next week amid a slowdown in headline inflation and fears over a sluggish growth outlook and rise in unemployment.<\/p>\n

The latest snapshot will probably cement City predictions for a sixth reduction in borrowing costs since the summer of last year, after the chancellor\u2019s budget included a number of inflation-cutting measures alongside sweeping tax rises.<\/p>\n

Threadneedle Street has said Reeves\u2019s policies \u2013 including relief on energy bills, prescription charges and fuel duty \u2013 could cut headline inflation by as much as half a percentage point next year<\/a>.<\/p>\n

Economic output fell in September after hackers breaching JLR\u2019s systems<\/a> resulted in the country\u2019s second-largest carmaker halting its UK production lines for several weeks.<\/p>\n

In an incident estimated to have cost the economy at large up to \u00a31.9bn, the halt crippled hundreds of smaller companies in the manufacturer\u2019s supply chain, causing monthly output in the car industry to collapse by a third<\/a>.<\/p>\n

More details soon \u2026<\/p>\n","protected":false},"excerpt":{"rendered":"Britain\u2019s economy unexpectedly shrank in October before Rachel Reeves\u2019s budget, official figures show, as activity failed to regain…\n","protected":false},"author":2,"featured_media":342626,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":{"0":"post-342625","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/342625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=342625"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/342625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/342626"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=342625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=342625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=342625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}