Outside the castle bar in London, England, men and women socialize at the end of the day.
Robert Nickelsberg | Getty Images News | Getty Images
The UK economy unexpectedly shrank by 0.1% in January, Official digital display On Friday.
The Office for National Statistics said the fall was mainly due to the contraction of the production sector.
Reuters conducted economists expect the country’s GDP to grow by 0.1%.
Last month, the UK economy grew 0.1% in the fourth quarter, surpassing expectations. It was fixed in the third quarter.
Since then, monthly GDP data has been formatted, shrinking to 0.1% in October 0.1% expansion in November And the month of 0.4% expansion in December, thanks to the growth in services and production.
Friday’s GDP release will be the last data print ahead of the Treasury’s “Spring Statement” on March 26, when Prime Minister Rachel Reeves introduced her latest news about the UK’s economic plan.
The statement is released along with economic forecasts from the UK’s independent Office of Economic and Financial Forecasters, which assesses the possible impact of government tax and expenditure plans.
Some people worry The Ministry of Finance’s financial planThis was laid out last fall, which would increase the tax burden on UK businesses and could weigh investment, employment and growth. Reeves defended the rise in tax revenue, saying it was a one-time measure necessary to increase investment in public services.
The Bank of England lowered its annual decline for the first time in February, a signal that will be further cut as it reduces the UK’s growth rate in 2025 from 1.5% to 0.75%.
The central bank said it would judge how to balance growth demand with inflationary risks at the trade tax rate of U.S. President Donald Trump. So far, the UK has not been a target.
This breaking news is being updated.
