On November 6, 2024, data from the Bank of England revealed that the U.K. economy unexpectedly contracted by 0.1% in October, marking a second consecutive decline following a similar drop in September. This downturn was attributed to decreased production output and economic uncertainty ahead of the government’s budget announcement. Although Real GDP showed a slight growth of 0.1% over three months, the disappointing figures led to a decline in the pound against the dollar. Despite ongoing inflation concerns and weak consumer confidence, the Bank of England is not expected to cut interest rates in December.
