The United Kingdom's gross domestic product gained 0.4 percent in October, slowing down from the previous month's 1.1 percent and remaining in line with expectations.
Manufacturing production surprised analysts as it contracted by 7.1 percent annualized, an improvement from the previous month's 7.9 percent and better than expectations of an 8.4 percent decline. In monthly terms, it rose by 1.7 percent after rising by 0.2 in September, and surpassed expectations of a 0.3 percent gain.
Industrial production also challenged analysts' expectations, declining by 5.5 percent (year-on-year) after a drop of 6.3 percent in the previous month. In monthly terms, it rose by 1.3 percent, higher than forecasts of 0.3 percent and higher than the previous month's figure of 0.5 percent.
So far, 1,766,819 COVID-19 cases have been reported in the United Kingdom, as well as 62,566 total deaths. Cases have been slowing, but there are new concerns regarding the effectiveness of the Oxford-Aztrazeneca vaccine, as cases of allergic reactions to it have been recently reported among health sector workers.
The vaccine has been approved by the United Kingdom's regulatory authorities, as it already showed a 70 percent efficacy in a small group that only took half a dose. The vaccine's main competitors, the Pfizer/BioNTech and Moderna vaccines, have reported a 95 percent efficacy which gives them a clear edge over the British alternative. The phase 3 trials have up to 90% efficacy according to a study published by The Lancet.
By 10:42 GMT, the pound sterling fell by 0.69 percent against the US dollar, falling to the 1.3304 level.