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Economic Growth Slowed Sharply In October – Sky News

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Britain’s economic growth slowed sharply to just 0.1% in October, the Office for National Statistics said.

The figure was lower than expected and suggests the recovery spluttered to almost to a standstill following growth of 0.6% the month before.

It may add to concerns about the resilience of the UK’s economic bounce-back amid the spread of the Omicron variant and the new “Plan B” restrictions that have been imposed to tackle it.

The ONS pointed to a sharp fall in construction output as builders faces higher costs and delays in the supply of materials such as steel, glass, concrete and timber.

There was also a decline in restaurants after a strong summer, with a 7.5% fall in food and beverage services activities.

Alpesh Paleja, lead economist at the CBI, said: “Growth disappointed in October, reinforcing concerns about the resilience of the UK’s economic recovery to the Omicron variant and the impact of further restrictions.

“We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions as we learn to live with the virus and its variants.

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