UK economy shrinking at fastest pace in seven mont

Aihucha News, September 13: The British economy shrank at the fastest pace in seven months as dreary weather curbed consumption and strikes hit the public sector, eroding last month's strong momentum. Published data showed that UK GDP fell by 0.5% after growing by 0.5% in June. The figures are further evidence that the UK economy is losing steam in the face of sharp rises in borrowing costs. That could give some Bank of England policymakers pause for thought later this month when they decide whether to raise interest rates again to tame inflation. Money markets expect central bank interest rates to rise by 25 basis points to 5.5%, with further increases likely before the end of the year.