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UK posts ‘slight’ growth in July amid concerns over delayed recovery – POLITICO

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The UK economy grew just 0.1% in July due to the coronavirus and supply chain shortages, according to data from the London Office for National Statistics.

UK production in July was 2.1% below pre-pandemic highs. Services and construction have been particularly hard hit as millions of people have been asked to self-isolate or contract COVID-19. The sector recorded 0% growth and 1.6% decline, respectively, during the month.

Consulting firm Capital Economics said in a customer memo: “The modest growth shows that the economic recovery is stagnant.

Unemployment, a lack of overall growth and expectations of further inflation in the future are mixed, he added, adding that GDP stagnant and rising inflation will leave the smell of stagflation in the air.

Labour’s Shadow Treasury Secretary Bridget Phillipson blamed the government for the disappointing figure. The Conservatives are simply not ambitious enough about the future of our economic recovery, the MP said.

“The government has no plans other than a plan. [plow] Referring to this week’s national insurance tax hike, she said she’s pulling money out of our downtown area when it’s needed most, ahead of massive cuts to jobs taxes and universal credit.

Prime Minister Rishi Sunak downplayed the data. He said the recovery is going well, thanks to the success of the vaccination and the roadmap.

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2/ https://www.politico.eu/article/uk-economy-measly-in-july-amid-fears-of-stalled-recovery/

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