Britain’s economy unexpectedly shrank in January, official data showed Friday, piling more pressure on the Labor government ahead of its Spring Statement on the economy. Gross domestic product contracted 0.

The British economy contracted 0.1% month-over-month in January, following a 0.4% growth in December 2024, and worse than market expectations of a 0.1% gain.  The largest downward contribution came from the production sector which fell 0.