Goldman Sachs lowers its growth forecasts for the United Kingdom following disappointing data.

Goldman Sachs, the American investment bank, published a negative review of its growth forecast for the UK's GDP for the entirety of 2024 on Friday morning, following the release of the monthly GDP report from the UK's Office for National Statistics, which showed weaker-than-expected economic performance for the month of October. According to Goldman Sachs' outlook report, the bank's economists have downgraded their GDP growth forecast for the UK for 2024 by 0.2%, bringing it down to 1.2%, after previously expecting the economy to grow by 1.0%. This comes after data released this morning indicated that the UK economy contracted for the second consecutive quarter, with GDP shrinking by 0.1% in October, marking a second monthly decline after also contracting by 0.1% in September. Market expectations are now widely indicating that the Bank of England may refrain from cutting interest rates in its upcoming monetary policy meeting scheduled for next week; however, it will only be a matter of time before the economic situation in the UK begins to pressure the Bank of England to act more swiftly in lowering interest rates.