UK economy shrinks for second month, contracting 0.1% in October Published Fri, Dec 13 20242:18 AM ESTUpdated 4 Hours Ago Chloe Taylor @ChloeTaylor141 “slipping back into stagflation territory.” “We still expect the economy to reaccelerate into 2025 — that said, our forecast of 0.3% quarter-on-quarter growth in the fourth quarter now looks too ambitious,” he said. “In any case, we doubt that today’s data is bad enough to push the Bank of England into surprising markets with an early Christmas present of a rate cut at its meeting on Dec. 19th.” Meanwhile, Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales, agreed a Christmas rate cut was “doubtful.” “Despite these gloomy figures, the likelihood of a rate cut this month remains low with some policymakers likely to be concerned enough by the recent pick-up in inflation to defer relaxing policy again until February,” Thiru said in a note.