UK economy falls unexpectedly in Octoberpublished at 11:32 Greenwich Mean Time 13 December 2023
As well as sending some asylum seekers to Rwanda, Prime Minister Rishi Sunak has also made it one of his key pledges to speed up growth.
But figures this morning show the UK economy shrank by more than expected in October. The economy fell 0.3% during the month, after growth of 0.2% in September. No significant pick-up is expected until 2025.
Chancellor Jeremy Hunt said it was "inevitable" economic growth would be subdued while "interest rates are doing their job to bring down inflation".
Household spending has been dented by successive rate rises as the Bank of England tries to tackle inflation.
Making matters worse was the fact that retail and tourism in October were hit by severe weather.
Labour's shadow chancellor Rachel Reeves said growth was "going backwards, leaving working people worse off".