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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

UK economy flatlines in third quarter amid high interest rates

Economy Interest Rates United Kingdom Inflation
A person in a long coat and trainers holding an umbrella walks across London Bridge with the River Thames and Tower Bridge in the background
A commuter in London on a rainy day. Economists had predicted a 0.1 contraction in GDP. Photograph: Victoria Jones/PA

The UK economy flatlined between July and September, compared with the previous three months, as the impact of high interest rates and inflation weighed on consumers and businesses.

Illustrating what one economist called “a stagnation nation”, the Office for National Statistics said zero growth in gross domestic product in the third quarter followed 0.2% growth in the second quarter.

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