UK economy flatlines as recession fears grow – what it means for your money
THE UK economy flatlined between July and September, according to new statistics, adding to fears recession could be looming.
Data from the Office for National Statistics (ONS) reveals Gross Domestic Product showed no growth across the three months.
It comes after GDP increased by 0.2% between April and May.
Experts said the latest figures could be partly blamed on wet weather and industrial action in the summer.
A flatlining GDP could also be down to soaring borrowing costs and stubbornly high inflation, which sat at 6.7% in September, they said.
However, GDP increased by 0.2% in September following growth of 0.1% in August.
Meanwhile, the ONS said GDP is estimated to have grown by 0.6% between July and September compared to the same three months last year.
Between July and September there was a 0.1% fall in the services sector and a 0.1% increase in the construction sector.