UK Economy Flatlines in July, Recording No Growth for 2 Months in a Row: ONS

Published on September 11, 2024

The UK economy has flatlined for the second month in a row following no GDP growth in both July and June, official data suggest. Economic stagnation for two months in a row is an unexpected development for economists, who had anticipated a 0.2 percent month-on-month GDP expansion. However, weeks following the election of the Labour government in July, the economy failed to expand. Commenting on the latest Office of Nationals Statistics (ONS) figures, Chancellor Rachel Reeves said she was “under no illusion about the scale of the challenge” the UK faces “after 14 years of low economic growth.” “That’s why we are taking the long-term decisions now to fix the foundations of our economy, so we can rebuild Britain and make every part of the country better off,” she said in a post on social media platform X on Wednesday....

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