UK economy shrinks for second straight month

The UK economy unexpectedly shrank in October, according to data from the Office for National Statistics.

The office said on Friday that gross domestic product fell by about 0.1% on a monthly basis, attributing the decline to a decline in productivity. Economists polled by Reuters had forecast GDP rising by 0.1% in October.

This marks the second consecutive decline in the UK economy after GDP fell by the same amount in September.

The Office for National Statistics also reported that real GDP rose by 0.1% in the three months to October, compared with the same period in July.

In comments on Friday, British Finance Minister Rachel Reeves acknowledged that the October figures were “disappointing,” but defended the government’s controversial economic policies.