Official figures released by the Office for National Statistics revealed that the British economy's rebound from recession decelerated significantly in the third quarter of the year. The data showed that growth during the July to September period was a mere 0.1%, a sharp decline from the 0.5% recorded in the previous quarter and below market expectations.
Overall output in September actually contracted, leading to concerns and criticisms regarding the new Labour government's handling of the economy. Critics have accused the government of contributing to the slowdown by instilling pessimism in its early weeks in office.
