UK economy ground to a halt in July with no growth in GDP – business live

UK GDP unchanged in July, after 0.4% growth in JuneThe government is blaming “years of underinvestment” for the fact the UK economy feels like it is “stuck”.Responding to this morning’s news that the economy stagnated in July, a HM Treasury spokesperson says:“We know there’s more to do to boost growth, because, whilst our economy isn’t broken, it does feel stuck.“That’s the result of years of underinvestment, which we’re determined to reverse through our Plan for Change. We’re making progress: growth this year was the fastest in the G7; since the election, interest rates have been cut five times, and real wages have risen faster than they did under the last government.“The sunshine may have lifted consumers in July, but the broader economy stayed stuck in the shade. Growth was uneven across sectors, highlighting that underlying demand remains more fragile.“Speculation about new business taxes is casting a long shadow. Amid rising cost pressures, firms are already holding back on hiring and investment and are wary of weeks more Budget uncertainty. Continue reading...

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