UK Economy Stagnates Amidst Real Estate Slump and High Interest Rates

The UK economy showed no growth in the third quarter, narrowly avoiding a recession, according to data from the Office for National Statistics. The 0% change in gross domestic product (GDP) was slightly better than the forecasted 0.1% decline. However, the economy did decline by a marginal 0.02% when considering the rounded figure. The Bank of England (BoE) is not expected to cut interest rates until late 2024 due to the economy's resilience, which is not weak enough to reduce core inflation and wage growth quickly. The BoE predicts zero economic growth for next year, while the weak outlook puts pressure on finance minister Jeremy Hunt to introduce pro-growth measures in the upcoming budget update.