Rachel Reeves hit by recent blow as UK financial system development slows down once more | EUROtoday

Rachel Reeves has obtained a brand new blow after new figures revealed that UK financial development slowed within the third quarter of the 12 months.

According to the Office for National Statistics (ONS), the financial system grew by an unrevised 0.1 per cent between July and September whereas growth was weaker than first thought within the second quarter, in keeping with official figures.

The ONS confirmed development slowed within the third quarter after the cyber assault at Jaguar Land Rover knocked exercise within the manufacturing sector.

When Labour gained energy Ms Reeves promised that the federal government’s primary mission was to ship increased financial development.

But after two Budgets, she has been accused of bringing in anti-growth measures together with tax hikes.

The ONS stated that output was additionally worse than first thought within the earlier three months, with gross home product (GDP) increasing by 0.2 per cent within the three months to June, revised down from the earlier estimate of 0.3 per cent development.

The ONS additionally revised up development for the ultimate quarter of final 12 months, to 0.3 per cent from 0.2 per cent beforehand recorded, though the out-turn for 2024 as a complete was left unchanged at 1.1 per cent development.

Liz McKeown, ONS director of financial statistics, stated: “Today’s updated figures paint the same picture as our initial estimate, with growth continuing to slow in the third quarter.

“Growth in companies had been partially offset by falls in manufacturing, with a marked drop in automotive manufacturing.”

Despite the second quarter revision, the UK financial system remained the joint quickest rising financial system within the G7 group of nations, alongside Japan, with development of 0.9 per cent, adopted by the US.