Blow to Rachel Reeves as first quarter under Labour shows services and manufacturing struggled in run-up to budget

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The UK economy slowed to a near standstill in the third quarter as uncertainty surrounding Labour’s first budget and high interest rates weighed on business and consumer spending.

In a blow to the chancellor, Rachel Reeves, as she attempts push the UK to the top of the G7 growth league, the economy grew by 0.1% in the third quarter of the year, down from 0.5% in the second quarter, according to figures from the Office for National Statistics (ONS).