UK economy grew 0.2% in Q2

The UK economy grew 0.2% in the second quarter of 2022, slightly more positive than previously thought.

The National Statistical Office announced on Friday that it had revised up its previous estimate of a 0.1% decline in GDP over the period.

That means the economy did not contract for three months through June. That’s what I thought before.

The change means that the UK economy is not currently in recession as the Bank of England predicted earlier this month.

A technical downturn occurs when there are two consecutive quarters of negative growth.

But the amendments were not all good news for the economy. Specifically, there was no contraction in the second quarter, but the overall position is worse than expected.

ONS said the current level of real GDP is estimated to be 0.2% lower than before the coronavirus in Q4 2019.

This was a 0.6% higher downward revision from pre-pandemic levels, meaning the economy has not recovered from the shock as previously thought.

The outlook for the UK economy took a hit this week after a disastrous market reaction to the government budget.

Tu Hwnt i’r Bont (Beyond Bridge) Virginia vines in Llanwrst, Conwy North Wales, the foliage changes from green to red with the onset of fall. The building was built for residential use in 1480, but has been a teahouse for over 50 years.

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Criminal lawyers from the Criminal Bar Association are protesting outside the Royal Court of Justice in London as part of an ongoing pay streak with the government.

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David White, king of the garters, poses with an envelope engraved with the new cipher, Charles III ‘CIIIR’, printed at the Court Post Office at Buckingham Palace in central London.

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A gallery employee poses next to a painting by Lucian Freud displayed during the Credit Suisse exhibition photocall. Self-Portrait (Sculpture), 1956 – Lucian Freud: New Perspectives at the National Gallery in London

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Labor leader Sir Keir Starmer is interviewing Laura Koonsberg in Liverpool before the Labor Party’s annual meeting, which pays tribute to Queen Elizabeth II and sings the national anthem.

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Photo of a handout issued by the abbot’s Buckingham Palace at King George VI Memorial Chapel, St George’s Chapel, Windsor Castle

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A climate change activist protests against a British private jet by igniting his right arm during the Laver Cup tennis tournament at London’s O2 Arena.

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Woody Woodmanzie, Lee Bennett, Kevin Armstrong, Nick Moran and Clifford Slapper attend the Stone Unveiling for David Bowie at the Music Walk of Fame in Camden, North London.

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Flock of birds flying in the sky as the sun rises over Dungeness in Kent

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Flowers placed by the public to pay tribute to Queen Elizabeth II at Hillsboro Castle, Northern Ireland, are collected and replanted by Hillsboro horticultural teams and volunteers for storage or composting.

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The ceremonial procession of Queen Elizabeth II’s coffin follows a long walk as it arrives at Windsor Castle for the dedication of St. George’s Chapel.

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A man stands among campers at the mall ahead of a funeral in Queens

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Wolverhampton Wanderers Nathan Collins concedes a free-kick for a foul on Manchester City’s Jack Grealish. City won 3 goals in a draw at the Molineux Stadium.

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Citizens wait in line near Tower Bridge and opposite the Tower of London to pay their respects to the late Queen Elizabeth II.

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People line up in Porter Fields Park in central London to see Queen Elizabeth II lying ahead of her funeral.

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The first public pay tribute as a rally begins around Queen Elizabeth II’s coffin at Westminster Hall in London, England.

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The crowd cheers as Charles III and Queen Camilla arrive to visit Hillsboro Castle.

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Crowds line up on Edinburgh’s Royal Mile as King Charles III joins the procession following Queen Elizabeth II’s coffin from Holyroodhouse Palace to St Giles Cathedral.

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Citizens pay their respects as the hearse, which carries the coffin of Queen Elizabeth II, adorned with the Scottish royal flag, passes by Vallarte.

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Prince William of England, Prince of Wales, Catherine of England, Princess of Wales, Prince Harry of England, Duke of Sussex, Meghan of England and Duchess of Sussex waving to those wishing for blessings on a long promenade at Windsor Castle.

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Charles III and Queen Camilla wave after seeing flowers in tribute to Queen Elizabeth II outside Buckingham Palace.

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Screen commemorating Queen Elizabeth II of England at Piccadilly Circus in London, England

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[런던 로이터=뉴스핌]Reporter Kim Seon-mi = Police stand vigilant after animal rebel activists spray paint on the walls and roads outside the Houses of Parliament in protest in London, England.

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Queen Elizabeth II welcomed Liz Truss to an audience in Balmoral, Scotland, inviting the newly elected leader of the Conservative Party to become Prime Minister and form a new government.

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Visitors to the Polynation Gardens at Victoria Square in Birmingham, featuring five 40-foot tall trees and more than 6,000 plants. The PoliNations program aims to explore how migration and cross-pollination have shaped British gardens and culture.

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St Andrews University undergraduates take part in a traditional peer walk along St Andrews’ harbor walls before the start of the new school year.

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Massed Pipe and Drum Parade during the Breymar Highlands Gathering at Princess Royal and Duke of Fife Memorial Park

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12th Company of the Irish Guard at Wellington Barracks in central London before starting the 1st Guard at Buckingham Palace

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Salmon jump up a dam in Hexham, Northumberland, despite drought warnings and low water levels. The Tyne River still flows well, allowing salmon and sea trout to climb into the river to spawn. Every year, tens of thousands of salmon enter the sea on a once-in-a-lifetime journey along Tyne to spawn.

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Flowers are placed on the front door of Kensington Palace in London, England to commemorate the 25th anniversary of Diana’s death.

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Edinburgh waste workers clear a mountain of trash on Forest Road as they return to work after an 11-day labor dispute.

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Athletes participate in the World Gravy Wrestling Championships at the Rose and Ball in Rosendale, Lancashire.

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People of the Emancipated Run Crew run green during a carnival parade to honor 72 people killed in the Grenfell fire during Family Day at the Notting Hill Carnival in London, returning to the streets for the first time in two years, after being stopped by the plague

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Participants in the bog section during the Rude Health Bog Triathlon at Llanwrtyd Wells, Wales

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British Prime Minister Boris Johnson meets with patient Rita Thompson after a complete hip replacement during a visit to the South West London Orthopedic Center.

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Finney Harrod receiving GCSE results at Norwich School in Norwich, Norwich

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A girl pays tribute to 9-year-old Olivia Pratt-Cobell at King’s Avenue in Notty Ash, Liverpool, where 9-year-old Olivia Pratt-Cobell was shot and killed on Monday night.

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Florist prepares entrance to 10 Downing Street with flowers in Ukrainian national colors in London

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17-year-old pilot Mack Rutherford is landing at Biggin Hill Airport in Westerham, Kent, taking on the challenge of breaking the Guinness World Record for the youngest to circumnavigate the world in a small plane. It continues.

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Unite union members hold a picket line after supporting a 9-1 labor dispute in a wage dispute at the entrance to Felixstow Harbor in Suffolk, England’s largest and busiest container port.

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To celebrate Northern Ireland’s cultural diversity, participants from more than 20 different cultural groups wear traditional costumes and a girl dances in downtown Belfast during the first Mela Carnival.

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Commuters waiting for a bus outside the Victoria subway station closed due to strike

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Students celebrating their A-Level results at Norwich School of Norwich

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Rishi Sunak, leader of the Conservative Party, looks at the NLAW anti-tank launchers supplied to Ukraine during a visit to the Thales defense systems plant in Belfast as part of a campaign to become the next prime minister.

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Protesters gather outside the Perth Concert Hall in Scotland. Conservative leadership candidates Liz Truss and Rishi Sunak are expected to join the protest.

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Vans from Bishops Move, a company specializing in removal, storage and transport outside Downing Street, London

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A portion of the 45m furnace spans a central reserve as it travels along the closed M53 between Junction 5 in Hooton and Junction 10 in Cheshire Oaks to accommodate unusual loads to the Essars Stanlow refinery.

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Dry grass in Bristol Eastville Park. The Meteorological Administration has issued a yellow warning for heatwaves for parts of England and Wales for four days Thursday through Sunday.

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Dust from the quarry behind balloons flying out at the annual Bristol International Balloon Fiesta

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Aungbo, a 21-year-old Asian elephant, is cooled down by a zookeeper at Chester Zoo during a heat wave.

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Interest rates are expected to rise to 6% by the end of the year, increasing costs for mortgage holders.

And the central bank had to intervene this week to prevent the collapse of the UK pension sector.

ONS chief economist Grant Fitzner said: These improved figures show an upward revision of the economy from a modest decline in the second quarter.

They also show that although household savings declined in the most recent quarter, households saved more than we previously estimated during and after the pandemic.

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