Britain’s economy has now posted three months of growth, but fears over the future are mounting
- Breaking: UK GDP jumped by 6.6% in July…
- But economy is 7.6% smaller than in previous quarter
- Car manufacturing, schools, pubs and hairdressers lifted growth
- Sunak: Welcome news, but worries ahead
- Experts: Recovery could be derailed
More reaction:
Recovery state of play
July vs February output
️ GDP -11.7%
Services -12.6%
Manufacturing -8.7%
Construction: -11.6
Agriculture: -2.0%@ONS
Today’s GDP figures. Evidence of a V-shaped recovery? Or evidence of the power of the furlough scheme? I fear the latter. Today’s GDP data is up to July, the final full month of furlough. Where next? #GDP pic.twitter.com/qJITHdQgPc
We carried on camping. It is striking how different industries have recovered at very different paces. Campsites, cottages and caravan parks were as busy in July 2020 as they were in July 2019. Hotels struggled despite the “staycation”. pic.twitter.com/WejcUMMVE4
Here’s a sobering fact. Britain’s economy is now back to its size in 2013, during the Cameron/Osborne austerity years and the eurozone debt crisis.
That’s because the economy is still over 11% smaller than in February, even though July’s GDP was 18.6% higher than its April 2020 low.
UK GDP out this morning. Growth continued into July at 6.6%, slightly slower than Growth seen in June, and overall remains -11.7% below the level in February. GDP now broadly back at the level last seen in 2013. Full release here: https://t.co/LzFp288jDS pic.twitter.com/96usI3nKug
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