The UK economy shrunk by 0.1% in October in a fresh blow for embattled chancellor Rachel Reeves’ crunch budget.
The Office for National Statistics (ONS) published its latest GDP figures for the month of October on Friday morning.
Rising GDP signals economic growth, which is generally welcome news for the country’s companies, households and politicians.
When GDP is falling, it means the economy is shrinking.
If it falls for two quarters in a row, the country is considered to be in a recession which can hit wages and jobs.
Rachel Reeves and the Government had been hopeful that stronger economic growth can help increase tax revenues and support Government spending plans.
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