UK economy grew 0.5% in October
Breaking: The UK economy returned to growth in October.
GDP is estimated to have grown by 0.5% in October 2022, the Office for National Statistics reports, following a fall of 0.6% in September 2022, which was affected by the additional bank holiday for the State Funeral of HM Queen Elizabeth II.
That’s slightly stronger than economists expected (the poll was for 0.4% growth).
Updated at 02.32 EST
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Experts: UK still heading into recession
City experts are warning that the UK is still heading into recession.
The 0.5% increase in GDP in October does not mean that the downturn has been averted.
Jeremy Batstone-Carr, European Strategist at investment bank Raymond James, says rising inflation and higher interest rates are hitting growth:
“This tentative rebound from sharply falling GDP in September may look like a positive step back toward growth, but we should not get…