"We have seen the fastest growth in the G7 since the start of the year, but for too many people our economy feels stuck. Working day in, day out without getting ahead. The Chancellor is determined to turn this around by helping businesses in every town and high street grow, investing in infrastructure and cutting red tape to get Britain building."
"Services growth held steady, while there was a smaller drag from production than previously. Continued strength in business rental and leasing and healthcare were the main contributors to services growth, partially offset by weakness in some consumer facing services, while wholesalers also fared poorly."
"The UK economy grew by a modest 0.1% in August, following a small contraction in July. Production expanded by 0.4%, supported by growth in manufacturing, though this was offset by a decline in construction output. Services, a cornerstone of the economy, showed no growth for the second consecutive month, a signal that dampened consumer spending is weighing on momentum. Unlocking faster growth remains the number one priority for the Government as it seeks to balance the books in the upcoming Budget,"
Monthly GDP showed limited movement with a 0.1% rise in August following a 0.1% fall in July, while three-month growth edged to 0.3% from 0.2%. The IMF warned of inflation rising to the highest level in the G7 this year and next, increasing downside pressure. Services held steady overall with business rental, leasing and healthcare as main supports, but consumer-facing services and wholesalers weakened. Manufacturing supported production growth while construction declined. The Chancellor aims to boost businesses, invest in infrastructure and cut red tape as forecasts point to modest annual growth and fiscal challenges.
Read at London Business News | Londonlovesbusiness.com
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