UK economic growth stalls again
The UK economy slowed in October as tighter lockdown restrictions took hold, following a resurgence of COVID-19 cases and subsequent restrictions.
Figures from the Office for National Statistics (ONS) showed that UK GDP grew by just 0.4% in October, the sixth consecutive monthly increase since May.
Despite that, the UK economy remains 7.9% below its pre-pandemic level in February 2020.
The UK economy had been recovering from a record 19.5% slump in April 2020, brought on by the first national lockdown
Suren Thiru, head of economics at the British Chambers of Commerce, said:
“The sharp slowdown in economic output in October reflected the squeeze on activity from the reintroduction of tighter coronavirus restrictions, including the tier system in England.
“Firms in hospitality, who are most acutely exposed to the renewed restrictions, suffered particularly badly in the month.
“October’s slowdown is likely to be followed by a significant contraction in economic activity in November as the effects of the second coronavirus lockdown are felt.”