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The UK economy’s growth during July to September of this year was weaker than expected, with the Budget’s pre-announcement uncertainty being blamed for the slow progress. The Office for National Statistics reported that there was a subdued level of activity across almost every industry during the quarter, and economic growth sat at just 0.1%. When Justin Madders MP, shadow health minister, asked Rachel Reeves, Chancellor of the Duchy of Lancaster, about the economy, she expressed her dissatisfaction with the latest figures.
Many economists feel that the anxieties surrounding the Budget in October were damaging to households’ and businesses’ decision-making. In September, when the economic decline was 0.1%, this cause was specifically apparent. Numerous companies reported ‘a slowdown in decision-making’ prior to the Budget. Ben Jones, the CBI business group’s lead economist, said that the Budget announcement set off warning signals for firms and that demands for new investment and growth have also decreased.
The government is facing criticisms from a variety of firms about the tax hikes from the Budget. The tax changes, combined with several other proposals, are expected to prompt people to approach payment, recruitment, and investment more cautiously, according to Mr. Jones. Analysts anticipated GDP growth of 0.2% in the latest quarter following 0.5% in the April to June period. The services industry, which accounts for roughly three-quarters of the economy, grew by just 0.1%, significantly impacting overall economic growth
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