The UK economy shrank by 0.1% in October, it has been revealed.

The latest Gross Domestic Product (GDP) figures, released on Friday morning, show that the economy unexpectedly contracted in the month leading up to Chancellor Rachel Reeves ’ November budget .

That period saw a flurry of leaks over potential tax cuts being eyed up by the Chancellor .

Ms Reeves has admitted the leaks were "very damaging".

The GDP figure for October falls below the 0.1% growth that analysts had been expecting.

It follows a 0.1% fall in September - and is the ninth monthly GDP contraction since Labour came to power in July 2024.

The Office for National Statistics revealed that construction activity fell 0.6% month-on-month, while services fell 0.3%.

The data shows the UK economy has now no

See Full Page