UK Economy Contracted Ahead of Autumn Tax-Raising Budget, Official Figures Show

UK Economy Contracted Ahead of Autumn Tax-Raising Budget, Official Figures Show

The UK economy contracted for a second consecutive month in October, underscoring a loss of momentum ahead of a major tax-raising budget and intensifying expectations that the Bank of England will cut interest rates next week. Real gross domestic product fell by 0.1 percent in October after an identical decline in September and flat growth in August, the Office for National Statistics (ONS) said on Dec. 12, citing its monthly estimate of GDP. Th…