UK economy flatlines, as business leaders warn of ‘worst of all worlds’ after Labour Budget [Video]

23 December 2024, 07:08 | Updated: 23 December 2024, 07:25

The British economy flatlined in the third quarter of the year, official figures show, as business leaders warn about the effects of Labour’s Budget.

GDP failed to grow at all between July and September this year, according to the Office for National Statistics – revised down from 0.1% growth.

Early estimates show that real GDP per head fell by 0.2% in the third quarter of 2024, and is 0.2% lower compared to a year ago.

The UK and Italy had the lowest growth in the G7 in the third quarter.

The government said that it faced a “huge” challenge to restore the economy after over a decade of Conservative rule.

Earlier, a major survey by the Confederation of British Industry (CBI) found firms expected to reduce both output …