MNI BRIEF: UK Economy Sees Lacklustre Post-Budget Bounce
MNI (LONDON) - UK GDP grew 0.1% in November, snapping a run of two consecutive months of contraction, with the upside driven largely by growth in the services sector, the Office for National Statistics said Thursday.
However, the ONS estimated the economy saw no growth in the three months to November, compared with the three months to August 2024, underlining the challenges facing the government still attempting to get its growth agenda on track. “The economy continues to be broadly flat, having grown slightly in November following two small falls in the previous months," ONS Director of Economic Statistics Liz McKeown said.
The economy needs to grow by 0.37% or more in December, assuming no revisions, to ensure a positive Q4 GDP outcome, the ONS said.
The data will come as little surprise to policymakers at the Bank of England and will do little to shift the current thinging of MPC members, with a February rate cut now very much in play. (see MNI INTERVIEW: Gilt Hit Weighs On Inflation - Ex-BOE Saunders )