“This disappointingly modest return to growth for the UK economy is unlikely to ease stagflation concerns, with a recovery in service sector output helping drive only a slight strengthening in overall activity.
“November’s uptick is unlikely to have sparked a more notable improvement in economic activity across the fourth quarter with the dramatic damage to confidence from the budget and global uncertainty expected to have suppressed activity in December.
“Beyond the political noise, a key lesson from this financial market turbulence is the need to address our longstanding challenges of poor productivity and persistent supply side constraints, to help better insulate us against these external shocks.
“Though these disappointing figures make a February interest rate cut more probable, concerns over financial market fragility and heightened global inflation risks mean a policy loosening next month is not quite done and dusted.”
ENDS
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