UK economy shrinks 0.3% in three months through October

LONDON (AP) — Britain’s economy shrank in the three months through October, confirming the toll rampant inflation and rising interest rates are having on business and industry. The Office for National Statistics said Monday that gross domestic product, the broadest measure of economic activity, fell by 0.3% in the period when compared with the three months through July. The decline came even as monthly estimates showed GDP increased by 0.5% in October after a 0.6% drop in September, when economic activity was artificially reduced by an extra public holiday to mark the death of Queen Elizabeth II.