UK's economy grew by 0.1% month-on-month in August, in line with expectations.

Jin10 data reported on October 16th that official data shows the UK's economy grew by 0.1% month-on-month in August, meeting expectations, after a decline of 0.1% in July. The Bank of England raised its growth forecast for the third quarter last month from the previous 0.3% to 0.4%. Bank of England policymakers kept interest rates at 4% in September, trying to guide the economy amid stubborn inflation and weak growth. The data released on Thursday comes as UK Chancellor of the Exchequer, Reeves, faces a dual challenge - to repair public finances while promoting economic growth in the budget set for November 26th. The market generally expects her to raise taxes to cover an estimated fiscal gap between £20 billion and £30 billion as estimated by economists. Over the three months ending in August, a smoother GDP indicator increased by 0.3% compared to the previous quarter, remaining consistent with the growth rate of the second quarter.