UK economy returns to growth in October - Article Milton Keynes & Wellingborough : Crouchers

UK economy returns to growth in October

The UK economy rebounded to grow by 0.5% during October, according to the latest data from the Office for National Statistics (ONS).

12 Dec 2022

The UK economy rebounded to grow by 0.5% during October, according to the latest data from the Office for National Statistics (ONS).

October's growth followed a fall in output during September because of an additional bank holiday for Queen Elizabeth's state funeral.

However, the UK economy shrank between August and October as the country remains on course for a recession.

The economy contracted by 0.3% during the three months as soaring prices hit businesses and households.

A country is in recession when its economy shrinks for two three-month periods in a row.

Over the three months, economic activity in the UK slowed across all the main sectors including production, construction and services.

The UK is widely expected to be in recession by the end of this year. The Bank of England recently said the UK is facing its longest recession since records began.

Chancellor of the Exchequer Jeremy Hunt said: 'While today's figures show some growth, I want to be honest that there is a tough road ahead. Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin's war and high global gas prices.'

acca

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Crouchers Chartered Accountants, 1 Copperhouse Court, Caldecotte Business Park, Milton Keynes, Buckinghamshire MK7 8NL
Crouchers Chartered Accountants, Linden Building A, 8-9 Regents Park, Booth Drive, Wellingborough, Northants NN8 6GR
Crouchers Ltd | Registered Office : Milton Keynes address above | Co. No. : 08647307 | Registered in England
Crouchers Chartered Accountants is registered to carry out audit work in the UK by The Association of Chartered Certified Accountants. Details of our registration can be viewed at www.auditregister.org.uk.

Send an email: hello@crouchers.co.uk

Crouchers Chartered Accountants - Accountants in Milton Keynes & Wellingborough

© 2025 Crouchers Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.