Chancellor Rachel Reeves acknowledged the challenges ahead, stating, "I am under no illusion about the scale of the challenge we face and I will be honest with the British people that change will not happen overnight." This highlights the difficult journey toward improving the economy after years of stagnation.
Liz McKeown from ONS noted that, "July's monthly services growth was led by computer programmers and health, which recovered from strike action in June," indicating sectors that contributed positively amidst overall weak performance.
Lindsay James from Quilter Investors commented on the economic sentiment, asserting, "it was still possible the summer slowdown was a blip but said Reeves needed to be careful in her budget next month," showcasing the cautious optimism surrounding future economic policies.
Despite having experienced growth in previous months, the latest figures revealed that, "the recovery from the mild recession in late 2023 has petered out," emphasizing the ongoing struggle within the UK economy.
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