UK economy grows 0.5% in October, but storm clouds gather

The latest data from the ONS showed the economy grew 0.5% in October, but shrank 0.3% in the three months to October

Construction worker carrying a hod of bricks
The construction sector grew by 0.8%, the fourth consecutive increase
(Image credit: © Chris Ratcliffe/Bloomberg via Getty Images)

The latest data from the Office for National Statistics (ONS) shows that the UK’s economy grew 0.5% in October, returning to growth after a 0.6% fall in September. Despite these positive figures, many analysts still believe the UK is heading for a recession as September’s figures were affected by the extra bank holiday following the Queen’s funeral.

“October’s rebound is a false dawn for the economy as it mostly reflects the favourable comparison with September when activity was suppressed by the Bank Holiday for the Queen’s funeral,” said Suren Thiru, economics director at the Institute for Chartered Accountants of England and Wales.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.