Fears of a slowdown grew louder today as figures showed the economy achieved just 0.1% growth in the third quarter.

Performance in the three months to September was worse than analysts expected; There was a 0.1 percent decrease in GDP in the last month.

The grim data came before the impact of Rachel Reeves’ big budget tax raid was felt. The Chancellor admitted this morning that he was ‘not happy’ with the direction of the economy.

The last quarter was well below the 0.5 percent growth seen between April and June.

Economists were forecasting 0.2 percent growth for the quarter.

The UK’s performance in the three months to September was worse than analysts expected; There was a 0.1 percent decrease in GDP in the last month.

ONS director of economic statistics Liz McKeown said: ‘The economy grew slightly overall in the last quarter as the recent slowdown in growth continued.

‘Retail and new construction businesses both performed well; This was partially offset by declines in telecommunications and wholesale sales. Overall, growth remained weak in most sectors in the last quarter.

‘The economy shrank slightly in September. Services did not show any growth, with a significant increase in auto sales making up for a slow month for IT companies.

‘Although there has been an increase in oil and natural gas extraction, production has generally fallen due to the impact of manufacturing.’

Ms Reeves said: ‘Increasing economic growth is at the heart of everything I want to achieve, so I’m not happy with these figures.

‘I have made difficult choices in my budget to fix the fundamentals and stabilize our public finances.

‘Now we will deliver growth through investment and reform to create more jobs and more money in people’s pockets, rebuild the NHS, rebuild Britain and secure our borders in a decade of national renewal.’