UK economy shrank by more than expected in October

Published

10 minutes ago

The UK economy shrank by more than expected in October, as higher interest rates and bad weather held back growth.

Official figures show that gross domestic product fell 0.3% on the month, compared with growth of 0.2% in September.

Household spending has been squeezed by rate rises as the Bank of England tries to get inflation under control

The Bank is due to make its next rate decision on Thursday.

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