U.K. economy shrinks in January in fresh setback for Starmer

Quick Summary:

Gross domestic product fell 0.1% in a storm-hit January, driven by declines in manufacturing and construction.

The BOE expects the economy to continue expanding at a tepid pace, predicting a 0.7% expansion in 2025 after last year’s 0.9% rise.

Friday’s figures mean the economy has contracted in four out of the seven months since Labour took office.GDP is only 0.3% higher than it was in June.

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Article Details

Author / Journalist: Tom Rees, Irina Anghel, Bloomberg

Category: EconomyBusiness

Markets: United States

Topics: U.K. Labour Party GDP Economy LondonWires

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-14 @ 10:36:43 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 692 words

Reading Time: 4 minutes read

Sentences: 5 lines

Sentence Length: 139 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 26987453

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Official Website: fortune.com

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