Home Business News UK economic recovery slowed to 2.1% in August

UK economic recovery slowed to 2.1% in August

by LLB Editor
9th Oct 20 9:19 am

Britain’s economic recovery from the coronavirus pandemic slowed in August despite the government’s eat out to help out scheme fuelling a rise in consumer spending.

The Office for National Statistics (ONS) said gross domestic product rose by 2.1% in August compared with the previous month, falling short of expectations among City economists for a monthly growth rate of 4.6%.

It followed growth of 6.6% in July – revised down from 6.4% – 9.1% in June and 2.7% in May.

UK chancellor Rishi Sunak has reacted to the GDP data, saying: “Today’s figures show our economy has grown for 4 consecutive months, but I know that many people are worried about the coming winter months.

“Throughout this crisis, my single-focus has been jobs – protecting as many jobs as possible, and providing support for people to find other opportunities where this isn’t possible. This goal remains unchanged.

“That’s why we’re investing billions to help people back to work and provide fresh opportunities to those that have sadly lost their jobs so that nobody is left without hope.”

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