This morning's UK GDP figures showed the economy continuing to expand at a solid-enough clip in the second quarter, with the economy having grown by 0.6% QoQ in the three months to June.
While the data is subject to revision, the figures point to solid economic momentum seen in Q1, and rebound from the shallow recession at the end of 2023, having both continued.
Nevertheless, downside risks to GDP growth remain significant, as the labour market appears set to continue to gradually loosen, despite the lower-than-expected unemployment figures in June.
Meanwhile, fiscal policy also looks set to tighten notably in the fourth quarter, as Chancellor Reeves seeks to deliver further spending cuts and sizeable tax rises.
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