A new setback for the Starmer government.. No growth for the British economy in the third quarter economy

Figures from the Office of National Statistics in Britain showed – today, Monday – that the country’s economy did not achieve any growth in the third quarter, which increases signs of slowdown at the beginning of the term of Prime Minister Keir Starmer’s government.

Today, the office reduced its estimate of the change in gross domestic product to 0% in the period from July to last September, from a previous estimate of growth of 0.1%.

The office also lowered its growth estimate in the second quarter to 0.4% from 0.5% previously.

Starmer and Finance Minister Rachel Reeves took office in early July, warning of the poor state of the economy before announcing tax increases on business owners in the budget on October 30.

Bank of England

Last week, the Bank of England (Central) expected no growth in the fourth quarter, but kept interest rates unchanged due to the risks still posed by inflation.

The Office for National Statistics said Britain’s current account deficit shrank to 18.1 billion pounds ($22.71 billion) in the third quarter from 24 billion pounds ($30.11 billion) in the April-June period.

A Reuters poll of economists expected a deficit of 22.5 billion pounds ($28.23 billion).