UK ECONOMY SHRANK UNEXPECTEDLY IN OCTOBER

The UK economy unexpectedly shrank by 0.3 per cent between September and October, according to new data from the Office for National Statistics (BBC News). 

Economists had expected a fall of just 0.1 per cent after the economy grew by 0.2 per cent in September.  

The services, construction and manufacturing sectors all contracted and household spending has also been dented by recent rate rises.  

The contraction comes ahead of Thursday’s Bank of England interest rate decision, when it is still expected to keep rates unchanged at a 15-year high of 5.25 per cent (Financial Times). 

COP28 REACHES HISTORIC CLIMATE DEAL 

Almost 200 countries have pledged to transition away from fossil fuels in a historic deal at COP28 in Dubai, which is expected to be adopted later today (The Times).  

The agreement, dubbed the UAE Consensus, calls on parties to contribute to actions including “transitioning away from fossil fuels in energy systems” and “accelerating action in this critical decade” to “achieve net zero by 2050” (Financial Times).

NEWS IN BRIEF

Almost £100 million is forecast to be stolen from thousands of victims this Christmas through fraud, UK Finance has warned (BBC News). 

MPs on the cross-party Treasury committee have been “shocked and alarmed” to hear about the scale of bullying and sexual harassment against women in the City of London (The Guardian).  

Landlords are being pushed out of the housing market as record rents drive first-time buyers to do whatever they can to get on the property ladder – just as high mortgage rates weaken investors’ buying power, according to The Telegraph.  

The head of the British Chambers of Commerce has said three-quarters of its members are struggling to recruit workers, contributing to an “anti-growth situation” in the UK economy (Financial Times).