British economy flatlines in third quarter of the year, update shows ahead of budget statement

The British economy flatlined in the third quarter of the year. The Office for National Statistics said Friday that growth in the July to September period was zero compared to the previous three months. Despite the uninspiring figure, the quarterly outcome was slightly ahead of analysts’ expectations for a modest decline in output. The British economy, like many others particularly in the world, is struggling to grow in the face of higher interest rates, which are aimed at taming inflation. Treasury chief Jeremy Hunt said a budget statement he will deliver on Nov. 22 will focus on how to “get the economy growing healthily again by unlocking investment.”