UK Economy Contracted By 0.3% In October

The 0.3% fall in GDP was confirmed by the latest report from the ONS. The downturn comes on the back of the total failure by the Chancellor of the Exchequer to deliver a growth plan in the Autumn Statement, with the OBR confirming that the tax burden will reach a post war high of 38% by 2029, and the Governor of the Bank of England, Andrew Bailey, stating that the outlook for economic growth is the “worst I’ve ever seen“.