City fears recession after shock 0.1% fall in GDP in January

Chancellor of the Exchequer Rachel Reeves during a visit Babcock in Rosyth on Friday morning. - (Mike Boyd/PA Wire)

Recession fears stalked the City today after official figures showed the UK economy went back into reverse in January dealing a major blow to Rachel Reeves’s growth ambitions.

The UK’s GDP fell back 0.1% in the month, a sharp turnaround from the robust 0.4% growth seen in December.