UK economy shrinks, testing BoE's resolve on rates

A pedestrian walks past the Bank of England in the City of London, Britain. REUTERS/Hollie Adams

LONDON: Britain's economy shrank in October, official data showed on Wednesday, raising the risk of a recession and testing the Bank of England's resolve to stick to its tough anti-inflation line against cutting interest rates from their 15-year high.

Gross domestic product (GDP) fell by 0.3% from September, the Office for National Statistics said, adding that exceptionally wet weather might have impacted the data.