The UK economy showed no growth in the last quarter, according to the revised figures from the Office for National Statistics (ONS).
The previous estimate for July and September said the economy grew by 0.1%.
Early estimates show that real GDP per head fell by 0.2% in the third quarter of 2024, and is 0.2% lower compared with the same quarter a year ago.
The UK and Italy had the lowest growth in the G7 in the third quarter, both flatlining.
The slight growth initially recorded last month was already slower than what had been expected by experts and marked a drop from the 0.5% growth between April and June.
Bars and restaurants, legal firms and advertising performed “less well”, the director of economic statistics Liz McKeown said on Monday.
“The household saving ratio fell a little in the latest period, though remains relatively high by historic standards,” she added.
“Meanwhile, real household disposable income per head showed no growth.”
The chancellor Rachel Reeves, whose budget has been criticised by business leaders, said the challenge to “fix our economy” is “huge”.
After “15 years of neglect” – referring to the previous Tory government – she said the problems are “fuelling our fire to deliver for working people”.
“The budget and our plan for change will deliver sustainable long-term growth, putting more money in people’s pockets through increased investment and relentless reform,” she added.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
(c) Sky News 2024: UK economy showed no growth in last quarter, revised figures show