UK economy shrinks unexpectedly in blow to Rachel Reeves
ONS data showing 0.1% fall in GDP in January comes less than two weeks before chancellor’s spring statement
- Analysis: Shrinking economy an unhelpful backdrop for Reeves’s growth push
- Business live – latest updates
The UK economy contracted by 0.1% in January, dealing a blow to Rachel Reeves before the spring statement later this month.
In a surprise to City economists, who had expected 0.1% growth in January, the Office for National Statistics data showed the services sector failed to offset a decline in the industrial sector and maintain growth from the previous month.
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UK economy unexpectedly contracted 0.1% in January
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