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UK economy risks heading into reverse unless Rishi Sunak offers more help
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Restaurants suffered a sharp drop in activity, manufacturers reported zero growth, and output in the construction industry collapsed in October at the fastest rate since the first wave of Covid-19 last year.
Even before the emergence of the coronavirus Omicron variant, Britain’s economy was displaying worrying signs of weakness that are hard to ignore. According to the latest official figures for October, gross domestic product barely rose on the month, with an unexpectedly sluggish 0.1% growth rate.
Suggesting the rapid recovery from lockdown risked stalling entirely amid supply constraints and a dwindling of consumer appetite, activity in the food and beverage sector fell by 7.5%, while construction slumped by 1.8%.
Worse is yet to come.
Read more on theguardian.comAbout this in other media
It’s Rishi Sunak, not the Bank of England, who needs to act to get the UK’s economy firing again theguardian.com /3 years ago
Britain is hurtling towards lockdown by stealth – so Rishi Sunak had better act fast theguardian.com /3 years ago
Rishi Sunak forced to return to UK for crisis talks with business theguardian.com /3 years ago
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