UK economy barely grew in November after Reeves budget By Reuters

By William Schomberg, Suban Abdulla

LONDON (Reuters) -Britain’s economic output returned to growth in November but expanded by less than expected in the first month after finance minister Rachel Reeves announced big tax increases for businesses.

Gross domestic product rose by 0.1% from October, according to official data, marking the first month-on-month increase since August after falls in September and October. However, economists polled by Reuters had mostly forecast a 0.2% rise.

Reeves, whose Oct. 30 budget included big increases in social security contributions paid by employers, said after the data release that she was “determined to go further and faster to kick-start economic growth.” 

She will meet regulators on Thursday to discuss what they can do to help the Labour government meet its promise to voters to speed up the economy. 

Ben Jones, lead economist at the Confederation of British Industry, said a mood of caution…