The UK economy contracted by 0.1% in October, marking the first consecutive decline since early 2020. The services sector showed no growth, and manufacturing and construction output fell. This poses challenges for the new Labour government, which aims for economic growth. Finance Minister Rachel Reeves highlighted an economic 'black hole' left by the previous government. Job vacancies dropped significantly, raising concerns about the impact of rising employer taxes on workers. Despite these setbacks, the OECD forecasts stronger UK growth than the eurozone in the coming years.