Economy

UK economy contracts 0.3% in October

Widespread falls in services, manufacturing and construction drove British GDP down

The worse-than-expected reading comes as the Bank of England is to set a new interest rate on Thursday. Picture: Getty

The size of the UK economy contracted in October as the manufacturing and construction sectors were hit by poor weather.

Gross domestic product (GDP) is thought to have fallen 0.3 per cent during the month, down from 0.2 per cent growth in September, the Office for National Statistics (ONS) said.

It came as all three of the main sectors that the ONS tracks fell into negative territory for the first time since July. Economists had ...