UK growth slows to 0.4% in October as Covid-19 restrictions hit economy – business live

UK growth slows to 0.4% in October as Covid-19 restrictions hit economy – business live

Rolling coverage of the latest economic and financial news, as the UK economy slows sharplyUK grew by 0.4% in October as services slowed sharplyONS: Covid-19 restrictions hit economyWeakest month since the April slumpEconomy still 7.9% smaller than before the pandemicPound falls amid Brexit deadlock 7.36am GMT The health and social work sector made a strong positive contribution to growth in October, as did manufacturing.But accommodation and food services shrank dramatically as Covid-19 restrictions were imposed.Monthly GDP in October 2020 increased by 0.4%, where manufacturing had the largest contribution, as manufacturing of transport equipment saw increased demand.Health also had a large positive contribution in October as there was an increase in the volume of activity. Accommodation and food service activities acted as a large drag on growth in October as tightening coronavirus measures had an adverse impact on trade and a subsequent lack of demand. 7.28am GMT The ONS's deputy national statistician, Jonathan Athow, says the "reintroduction of some restrictions“ in October hit growth in the services sector (particularly hospitality), leading to the slowdown.Commenting on today's GDP figures the Deputy National Statistician for Economic Statistics, @jathers_ONS said: 1/2 pic.twitter.com/xlcgRCIAht.@jathers_ONS continued: 2/2 pic.twitter.com/G59WnsC4GL 7.20am GMT Since July 2020, there has been