Latest UK GDP report shows economy shrank in October, and stagnated over the last three months
The fall in UK GDP in October raises fears that the economy could shrink in the final three months of 2023.
That would put Britain on the brink of recession.
“Output was weaker than expected in October, raising the prospect that the UK could see a small contraction over the fourth quarter as a whole. CBI business surveys suggest private sector activity will be flat into the New Year, with the labour market also softening.
“Businesses are gearing up for another tough year ahead. Faced with weak demand and ongoing pressures on costs, companies are taking a hard look at their overheads and pursuing a cautious approach to staffing levels and investment.
