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International Business Times
International Business Times
Business

UK Economy Unexpectedly Shrinks In January In Blow To Govt

Economy United Kingdom Rachel Reeves Britain Sir Keir Starmer
Britain's economy shrank in January, piling more pressure on the Labour government (Credit: AFP)

Britain's economy unexpectedly shrank in January, official data showed Friday, piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 percent in the month after GDP rose 0.4 percent in December, the Office for National Statistics (ONS) said in a statement.

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