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UK growth slowed in third quarter of this year, data shows

November 15 2024

The UK's economy grew by 0.1% between July and September, according to the latest figures from the Office for National Statistics (ONS).

Growth was lower than expected and activity was subdued across most industries during the three months, according to the ONS.

This was largely due to declines in manufacturing output and information and communication services.

While the services sector stagnated in September, production output fell by 0.5% in the month, but construction output grew by 0.1%.

David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: 'Last month's Budget gave UK businesses some welcome indication of the government's long-term framework to boost growth. However, our early feedback from businesses suggests many will not be able to stomach the raft of new costs.

'SMEs now face making tough decisions to deal with the increase in National Insurance contributions, the rise in the National Living Wage and the impact of the Employment Rights Bill.

'Sustained economic growth can only come through business. That's why it's crucial that we see decisive and inclusive action at pace from the government to unlock investment. A lot is riding on the detail of the industrial and trade strategies in the months ahead.'

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