UK Economy Contracts by 0.1% in October, Defying Expectations

The UK economy unexpectedly contracted by 0.1% in October, marking the second consecutive month of decline, according to the Office for National Statistics. This downturn, attributed to a drop in production output, contrasts with economists' expectations of a 0.1% growth. The British pound fell 0.3% against the US dollar following the news. UK Finance Minister Rachel Reeves acknowledged the disappointing figures but defended the government's economic policies.