The Office for National Statistics (ONS) has released its latest economic figures which show the UK economy grew by 0.2% in August, after a sharper-than-expected contraction in July (by 0.6% rather than 0.5% as forecast).
This means that the economy is up by 2.1% compared to pre-pandemic measurements from February 2020.
While the ONS described the growth as modest, the upward trend is welcome. As well as potentially helping to boost workers’ incomes across the country, the figures will also lift business confidence – which can also prove as the catalyst for further growth, prompting an uplift in job market activity and fuelling further economic growth.
Aspire’s Global Managing Director, Terry Payne, said, “The UK economy has been through the wringer over the last few years, battered by back-to-back crises.
“As such, the latest ONS figures are a sign of light at the end of the tunnel. Yes, August’s growth is gradual, but bouncing back from July’s contraction – which was worse than expected – shows how resilient the economy is.
“These are the green shoots of recovery that every business will have been looking out for, and they’re a welcome sign that we’re on the right track. Continued economic growth, even if slow and steady, will bolster business confidence.
“Companies will likely continue ramping up their hiring activity as a result, and an active jobs market is a reliable marker for a healthy economy. This confidence could well ripple out, with candidates also looking at opportunities to boost their income.”