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UK Chancellor Rachel Reeves kicks off a vital trade mission to China amid rising borrowing costs and economic challenges, seeking to strengthen bilateral ties and navigate fiscal headwinds.
The UK’s economic output showed no growth in Q3, as reported by the Office for National Statistics, following a preliminary estimate of 0.1% GDP growth.
The UK is confronting a £22 billion fiscal deficit as the new government labels the nation ‘broke and broken,’ attributing the crisis to the previous administration.
The UK economy officially entered a recession in the second half of 2023, with a 0.3% contraction in the final quarter.
IMF predicts UK will be the only major economy to shrink in 2023, with a 0.6% contraction, adding pressure on policymakers and markets.