UK Finance Minister Jeremy Hunt said on Wednesday, “it is inevitable GDP will be subdued while interest rates are doing their job to bring down inflation.”

“The big reductions in business taxation mean the economy is now well placed to start growing again,” he added.

Also read: UK GDP contracts 0.3% MoM in October vs. -0.1% expected

Market reaction

At the time of writing, GBP/USD is losing 0.27% on a daily basis to trade at 1.2525.