December cut to UK interest rates ‘nailed on’ after economy shrinks unexpectedly in October – business live

The UK economy unexpectedly contracted by 0.1% in October, primarily influenced by the ongoing repercussions of a cyber-attack on Jaguar Land Rover (JLR) and uncertainty surrounding the government's budget. This decline highlights the fragility of economic recovery in the UK amidst external shocks and internal challenges.

UK public inflation expectations decreased to 3.7% in November, as reported by the Bank of England (BoE). This marks a notable shift in consumer sentiment regarding future price levels, indicating a potential easing of inflation pressures in the economy.

Nationwide has been fined £44 million by the Financial Conduct Authority (FCA) due to inadequate financial crime controls, which led to a significant case of Covid fraud costing UK taxpayers £800,000. The failures in monitoring customer activity persisted for nearly five years, raising serious compliance concerns.

Card Factory has lowered its full-year profit forecast due to ongoing pressures on UK consumers, leading to a significant drop in the retailer's shares. This warning comes during a critical trading period, highlighting the adverse impact of economic conditions on consumer confidence.

The U.K. economy unexpectedly contracted by 0.1% in October, marking a continuation of a downward trend as GDP growth remains weak at 1.1% over the past year. This decline is attributed to decreased production and stalled growth in services, raising concerns about the overall economic stability.

Google has engaged UK researchers to explore potential applications for its advanced quantum processor, signaling a strategic move to harness local expertise in quantum technology development. This initiative aims to foster innovation and practical uses for quantum computing in various sectors.

The Confederation of British Industry (CBI) has revised its growth forecast for the UK in 2026, attributing the increase to a temporary boost from recent budget measures aimed at stimulating the economy. This adjustment reflects a more optimistic outlook amidst ongoing economic challenges.

An official report from the UK's energy system operator has projected that achieving net zero carbon emissions by 2050 could cost households an additional £500 annually, highlighting the financial implications of transitioning away from fossil fuels. The report outlines various scenarios that illustrate the expected surge in spending over the coming years.