Economic Review November 2025

In our Economic Review of November – the OBR sets out UK growth prospects, the Bank of England maintains interest rates at their current level following a tight vote and the labour market continues to weaken. And recent survey data suggests the retail environment remains tough, as consumer confidence declines.

• ONS data reveals the UK economy barely expanded across Q3, with the economy contracting by 0.1% in September alone
• The Monetary Policy Committee voted to leave Bank Rate on hold by a 5–4 majority in November
• The headline index from last month’s GfK consumer confidence survey fell two percentage points