Rolling coverage of the latest economic and financial news
- UK GDP rose just 0.1% in February despite recovery in travel bookings
- Slower growth than expected as industrial output falls
- Car manufacturing weaker
- Elon Musk will not join Twitter board after all, company’s chief executive says
The UK is entering a ‘prolonged period’ of much weaker growth as the cost of living crisis hits the economy, warns Suren Thiru, head of economics at the British Chambers of Commerce.
“While economic output continued to rebound in February, the significant slowdown in growth indicates that the UK economy was losing steam even before the impact of Russia’s invasion of Ukraine.
“Tourism-related industries and accommodation services recorded the strongest improvements in the month as the end of Plan B restrictions, and reduced concerns over Omicron, supported activity. However, this was mostly offset by a significant drop in NHS Test and Trace services and vaccine activity as well as declines in industrial and construction output.
