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The UK economy inched ahead by just 0.1 per cent in August, according to the latest Office for National Statistics figures – offering Rachel Reeves a tiny boost ahead of next month’s crucial budget.
Manufacturing, particularly pharmaceuticals, and the health sector provided the main lift.
But the overall picture is pitifully weak: the ONS also revised July’s previously “flat” growth down to a 0.1 per cent contraction, leaving total output over the three months to August up a mere 0.3 per cent.
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While the UK technically remains on track to be the second-fastest growing economy in the G7 this year, the worrying reality is that the services sector, which makes up around three-quarters of economic activity, flatlined for a second month, and construction fell by 0.3 per cent.
Where are all those houses that Labour promised us? Or have they been built but are of such low quality they won’t sell?
Economists are warning that recovery is likely to remain sluggish.
Fergus Jimenez-England of the National Institute of Economic and Social Research said growth in the third quarter was “limited” after a difficult summer for businesses.
The Confederation of British Industry noted that firms are holding back on hiring and investment, citing “subdued demand and higher operating costs.”
The Treasury likes to emphasise the UK’s strong growth relative to other G7 nations – but for most households the economy still feels stuck.
When have any profits trickled down to ordinary people? The answer is never – because trickle-down economics is nonsense.
With inflation forecast to ease and interest rate cuts expected next year, the Chancellor needs to ensure any recovery is felt beyond business profits – a feat she has singularly failed to achieve so far.
Headline growth offers politicians talking points, but the lived reality for ordinary people remains desperate.
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Tiny growth for UK economy – and most of us are struggling desperately
Share this post:
The UK economy inched ahead by just 0.1 per cent in August, according to the latest Office for National Statistics figures – offering Rachel Reeves a tiny boost ahead of next month’s crucial budget.
Manufacturing, particularly pharmaceuticals, and the health sector provided the main lift.
But the overall picture is pitifully weak: the ONS also revised July’s previously “flat” growth down to a 0.1 per cent contraction, leaving total output over the three months to August up a mere 0.3 per cent.
Support Vox Political!
With social media algorithms acting as gatekeepers – allowing users to read only what their owners want them to, sites like Vox Political need the support of our readers like never before.
You can help by making a donation:
https://Ko-fi.com/voxpolitical
While the UK technically remains on track to be the second-fastest growing economy in the G7 this year, the worrying reality is that the services sector, which makes up around three-quarters of economic activity, flatlined for a second month, and construction fell by 0.3 per cent.
Where are all those houses that Labour promised us? Or have they been built but are of such low quality they won’t sell?
Economists are warning that recovery is likely to remain sluggish.
Fergus Jimenez-England of the National Institute of Economic and Social Research said growth in the third quarter was “limited” after a difficult summer for businesses.
The Confederation of British Industry noted that firms are holding back on hiring and investment, citing “subdued demand and higher operating costs.”
The Treasury likes to emphasise the UK’s strong growth relative to other G7 nations – but for most households the economy still feels stuck.
When have any profits trickled down to ordinary people? The answer is never – because trickle-down economics is nonsense.
With inflation forecast to ease and interest rate cuts expected next year, the Chancellor needs to ensure any recovery is felt beyond business profits – a feat she has singularly failed to achieve so far.
Headline growth offers politicians talking points, but the lived reality for ordinary people remains desperate.
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