Deutsche Bank's Sanjay Raja said in a report that uncertainty about the UK budget continued to drag down the country's economic growth in October, and the service sector contracted by 0.3% in that month. This trend is likely to continue until November. He said that the combination of uncertainty, weak recruitment, and concerns about rising unemployment could lead to a further slump in spending and investment at the end of this year. Overall, GDP contracted by 0.1% for the second month in a row in October. On the other hand, although the impact of the cyber attack against Jaguar Land Rover subsided, automobile production did not recover as expected, while construction output contracted at the fastest rate since April 2024, according to Raja. Currently, GDP faces the risk of quarterly contraction for the first time since 2023. “The road to the new year is going to be bumpy.”

Deutsche Bank's Sanjay Raja said in a report that uncertainty about the UK budget continued to drag down the country's economic growth in October, and the service sector contracted by 0.3% in that month. This trend is likely to continue until November. He said that the combination of uncertainty, weak recruitment, and concerns about rising unemployment could lead to a further slump in spending and investment at the end of this year. Overall, GDP contracted by 0.1% for the second month in a row in October. On the other hand, although the impact of the cyber attack against Jaguar Land Rover subsided, automobile production did not recover as expected, while construction output contracted at the fastest rate since April 2024, according to Raja. Currently, GDP faces the risk of quarterly contraction for the first time since 2023. “The road to the new year is going to be bumpy.”