The British economy unexpectedly shrank during January, piling pressure on Treasury chief Rachel Reeves before a key statement about the state of the public finances later this month

Author: PAN PYLAS Associated Press, ABC News
Published on: 14/03/2025 | 11:29:24

AI Summary:
Official figures show the economy saw output drop by 0.1% during the month. The Office of National Statistics said the weak performance was largely due to bad weather. Prime Minister Keir Starmer has said raising the U.K.'s economic growth is his government’s number one priority. Reeves has pledged to create a Silicon Valley-like technology hub between Oxford and Cambridge. She has also pointed to the growth benefits of the recently announced ramp-up in defense spending. The monthly decline is an uncomfortable backdrop before she delivers a budget statement.

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