HomeBussinessUK economy stands still in July - East Midlands Business Link

UK economy stands still in July – East Midlands Business Link

Date:

Related stories

How the UK tech industry grew to a behemoth

Since the turn of the millennium, the UK tech...

‘Too small’ UK pension funds hold back growth, says Rachel Reeves

However, critics say the plans could put savers' money...

Technology park visit aims to inspire Oxford school students

They toured Fortescue Zero and The Native...
spot_imgspot_img

The UK economy failed to grow in June – the second month in a row, in contrast to an expected rise by 0.2% month-on-month.

According to new figures from the Office for National Statistics (ONS), GDP (gross domestic product), a key measure of economy growth, showed no growth in July.

It reflects a modest rise in services output which was offset by drops in both production and construction: services output grew by 0.1% month-on-month, construction output fell by 0.4% month-on-month, and production decreased by 0.8% month-on-month.

Ben Jones, CBI Lead Economist, said: “The figures suggest the UK’s recovery remains on track, though sector performance remains mixed and growth over the second half of the year will probably be a bit slower than in recent quarters.

“Ahead of what promises to be a difficult budget next month, the government is treading a narrow path to put the public finances on a sustainable footing while maintaining the confidence of business and investors in the recovery.

“The government must remain focussed on its agenda for long-term growth. This means avoiding further pressures on business costs and providing firms with the certainty and long-term commitments over tax, regulation and infrastructure that will give them confidence to invest.

“By doubling down on the recently announced planning reforms, introducing a Net Zero Investment Plan and implementing a clearer, fairer and more competitive business rates system, government has an opportunity to supercharge investment and UK growth over the next Budget period and beyond.”

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img