Britain’s economy shrank at the start of the year, official figures showed in a major blow to Rachel Reeves’s ambitions to kick start growth. The UK’s gross domestic product contracted by 0.1pc in January, according to the Office for National Statistics (ONS). It was down from 0.4pc growth in December and below analyst estimates of 0.1pc growth.

The UK economy contracted by 0.1 per cent for January 2025 a blow to Chancellor Rachel Reeves, according to the latest figures from the Office for National Statistics (ONS). Reeves has pledged to "kickstart the economy" with the fiscal policies outlined in her Autumn Budget and upcoming Spring Statement but she has received backlash from the