The economy slowed in August, contracting by 0.3% on the previous month. Business Sec Jacob Rees-Mogg MP says the UK has 'consistently had the lowest level of interest rates in history' and adds that 'markets move quickly' 👉 📺 Sky 501 and YouTube
The growth experienced in July has also been revised downwards, from the 0.2% previously recorded to just 0.1%.
The Office for National Statistics released its latest reading on the UK's performance as the government frets over the prospect of recession ahead, given the toll placed on demand by theAugust's result is worse than expected, as no growth, rather than economy shrinkage was anticipated. Action by the Bank of England to tame inflation, through successive interest rate increases, is adding to the cost burden for borrowers.
The Bank's tightening has placed its mandate to control inflation at odds with the agenda of the new Truss administration, which has set a target for annual economic growth of 2.5%. The mini-budget last month, which contained energy bill help for households and businesses along with a series of tax cuts, prompted turmoil on financial markets.
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