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UK economic recovery stagnated in July due to labor shortage | economic growth (GDP)

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The UK’s economic recovery virtually halted from the July winter lockdown, although most epidemic restrictions were removed as a result of declining retail sales and the impact of a workforce shortage.

The UK’s Bureau of Statistics said gross domestic product (GDP) rose 0.1% in July from a month earlier as the UK government failed to end most regulations and to offset the impact of the coronavirus delta strain. GDP was lower than the 0.6% growth expected by city economists and saw a sharp slowdown compared to June, when the economy grew 1%.

Activity in the services sector, which accounts for 80% of the economy, has seen no overall growth this month. The comeback of music festivals and sports was more heavily attributed to a sharp decline in high street spending and a decline in the legal sector related to the holiday season. stamp holiday.

While rising costs and raw material shortages triggered a decline in the construction sector, manufacturing remained largely flat as businesses struggled to fill staff vacancies in July due to a lack of suitable applicants and a declining EU workforce.

The figure comes as labor and material shortages fuel the worst supply chain collapse since the 1970s and threaten to delay the UK’s recovery from COVID-19, warning the economy of a recovery.

Alpesh Paleja, chief economist at the CBI lobby group, said government intervention is needed to keep businesses open, including easing post-Brexit migration rules to help businesses hire workers. said.

Bridget Phillipson, the shadow chief of the Treasury, said government complacency is holding the country down. She said today’s worrisome figures show that just as the UK economy needs to get back to normal, supply chain disruptions and other shortfalls mean our recovery is putting the brakes on it, she said.

The government has no plans other than to push for massive cuts to taxes on jobs and universal credit to get money out of our bustling streets when we need it most.

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The latest snapshot shows the UK economy is 2.1% below pre-pandemic levels. Overall, GDP grew 3.6% in the three months to July 2021. As closures eased, consumers returned to downtown and spending on pubs, hotels and restaurants increased.

Air transport grew strong 118% in July as travel restrictions eased, allowing more consumers to vacation abroad. However, the sector’s output rose sharply from a low base, 77% below pre-COVID levels.

Prime Minister Rishi Sunak said he is confident that the UK economy will continue to recover from the pandemic. The recovery is going well, thanks to the success of the vaccination rollout and roadmap, he said, with more employees getting paid at any point since March.

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2/ https://www.theguardian.com/business/2021/sep/10/uk-economic-recovery-stalled-july-worker-shortages-gdp-covid-supply-chain-crisis

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