Chancellor Rachel Reeves has admitted she has a “huge” task to turn around the economy, after growth flatlined in the third quarter and business groups warned of a tough start to 2025.
Mel Stride, shadow chancellor, said the “warning lights are flashing” after the Office for National Statistics said GDP did not grow in the three months to September, down from its initial estimate of a 0.1 per cent expansion.
This reflected flat output in the dominant services sector in the aftermath of Labour’s July election victory, while production output fell 0.4 per cent, offsetting a 0.7 per cent increase in the construction sector.
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