THE Chancellor has been dealt a fresh blow after UK economic growth slowed in the third quarter.
The economy grew by an unrevised 0.1 per cent between July and September and was weaker than first thought in the second quarter, according to official figures.
The cyber attack at Jaguar Land Rover knocked activity in the manufacturing sector, the Office for National Statistics (ONS) said.
But output was also worse than first thought in the previous three months, with gross domestic product (GDP) expanding by 0.2% in the three months to June, revised down from the previous estimate of 0.3% growth.
Despite the second quarter revision, the UK’s is still the joint-fastest growing economy in the G7, alongside Japan.
The ONS also revised growth up for the final quarter of last year, to 0.3% from 0.2% previously recorded, although the out-turn for 2024 as a whole was unchanged at 1.1% growth.
Liz McKeown, ONS director of economic statistics, said: “Today’s updated figures paint the same picture as our initial estimate, with growth continuing to slow.
“Growth in services was partially offset by falls in production, with a marked drop in car manufacturing.”
The news comes after unemployment rose to the highest rate for nearly five years last week.
The jobless rate hit 5.1 per cent in the three months to October, in a further sign of a weakening Labour market.
FUELLING WOE
MILLIONS of motorists have been dealt a fresh blow as the price of oil rises due to tensions between the US and Venezuela.
Brent crude prices were yesterday up by 0.9 per cent to $61 (£53) a barrel.
Meanwhile, British drivers have also been overcharged at the pump.
The Competition and Markets Authority watchdog found profit margins in the sector remain “persistently high” and unexplained.
GRAD JOBS HIT
THE number of adverts for graduate jobs has almost halved in a year after the Chancellor hiked the cost of hiring younger workers.
The number of vacancies for graduate roles fell by 45 per cent in November, compared to the same month a year earlier, according to job site Adzuna.
In April, Rachel Reeves lifted the minimum wage for 18 to 20-year-olds to £10-an-hour and upped Employer National Insurance.
GOLDEN ERA FOR METAL
THE prices of gold and silver have hit record highs as investors look for safe havens to deposit their cash.
Gold was trading above $4,400 (£3,275) an ounce for the first time after rising by 1.8 per cent, yesterday.
The precious metal was worth $2,600 an ounce at the start of the year and has risen 68 per cent this year.
Silver also rose by 3 per cent yesterday to a record high of $69.14 per ounce.
US tariffs and ongoing geopolitical tensions have increased investors’ demand for safe haven assets.
