The UK economy grew at a 0.3% rate in the second quarter, overcoming predictions of stagnation due to tax increases and trade tensions. The Office for National Statistics reported that growth had slowed from 0.7% in the first quarter. June experienced stronger growth at 0.4%, following two months of economic contraction. Despite initial estimates showing a larger contraction in April, revisions showed a less severe drop. Chancellor Rachel Reeves recognizes the need for further actions to enhance economic performance for citizens.
The UK economy grew at a faster rate than expected in the second quarter, with GDP growth slowing to 0.3% in the three months to June.
Despite a 0.3% growth, the economy faced challenges due to tax increases and Donald Trump's global trade war.
Rachel Reeves, the Chancellor, is considering options for bolstering the economy and increasing revenues in her upcoming autumn budget.
June saw a recovery with 0.4% growth following weak activity in April and May, suggesting resilience in the economy.
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