The Bank of England’s recent monitoring of the UK economy reveals stagnation, with revised data showing no GDP growth for Q3 2024, contradicting earlier estimates of a 0.1% increase. The British pound declined against the dollar, trading at about $1.2566. Recent ONS figures indicate a contraction of 0.1% in October, following a similar decline in September. Paul Dales expects a stagnant economy for Q4 2024, attributing challenges to high interest rates and budgetary concerns. Despite inflation rising to 2.6%, the central bank opted to maintain its interest rate at 4.75%. Upcoming tax hikes from the Labour government face criticism for potentially stifling job growth.
