UK economy grows in July but misses forecasts
The UK economy grew by 0.2% in July, according to official data, following a sharp drop in the previous month.
Analysts have said the bank holiday for Queen Elizabeth's state funeral on 19 September, as well as the 10 days of national mourning, could impact economic growth and push the UK into recession sooner than expected.Last month, the Bank of England said it expected the UK to fall into recession at the end of this year.
The ONS said that between May and July, economic growth was flat compared with the previous three months. Jake Finney, economist at the accountancy firm PwC, said that although the economy grew in July, he now expects a contraction in the third quarter which runs between July and September. There will be similar effects this month because of the extra bank holiday for the state funeral next week.
In consumer facing services, activity grew but remains 4.3% below its pre-pandemic level - a statistical glimpse of the real economic pain households have already been going through, even before a further rise in energy bills that is still anticipated next month.
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