UK economy stagnant in third quarter in fresh setback [Video]

Britain’s economy was stagnant in the third quarter, according to revised official data released Monday, dealing a fresh blow to the Labour government.

Gross domestic product showed zero growth in the July-September period, revised down from an initial estimate of 0.1 percent growth, the Office for National Statistics (ONS) said in a statement.

The data covers the period of the Labour government’s first few months in office in the lead up to its highly anticipated maiden budget at the end of October.

The figures are a knock to Prime Minister Keir Starmer who came to power in July promising to boost economic growth after 14 years of Conservative rule.

The government is also struggling to get British businesses on side after its budget included sharp tax hikes for companies — which is set to bring in around £25 billion ($31 billion).

“There’s not much merriment around for the UK’s economic …