UK Economy Experiences Unexpected Slowdown in Q3

The UK economy grew by just 0.1% in the third quarter of 2024, falling short of the 0.2% growth forecasted by economists. This marginal growth follows a 0.5% expansion in the previous quarter. The services sector also saw minimal growth, while construction increased and production declined. Inflation dropped to 1.7% in September, prompting the Bank of England to cut interest rates. However, further rate cuts are unlikely due to inflation risks and global economic uncertainties. Finance Minister Rachel Reeves expressed dissatisfaction with the growth figures, emphasizing plans for economic reform and investment.