UK economy recovery slows in August

Britain's economy partially recovered in August, with a marginal growth of 0.2% following a sharp fall in July.

This slow growth has fuelled expectations that the Bank of England's (BoE) Monetary Policy Committee will vote to maintain its base interest rate at 5.25% next month.

The BoE halted its run of interest rate increases in September following signs of a slowdown.

Earlier this week, the International Monetary Fund predicted that Britain would be the slowest-growing G7 nation in 2024.

While the UK is not currently in recession, weak growth has been a concern, and the economy is likely to be a key issue in next year's election.

The Office for National Statistics said the economy needed to grow 0.2% in September to avoid reducing in the third quarter of 2023.

Commenting on August's GDP figures, David Bharier, head of research at the British Chambers of Commerce, said:

"The UK economy is holding up but remains in a precarious state.

"Our research is clear about the issues UK firms are facing - three years of economic shocks, high inflation and interest rates, skills shortages, and trade barriers with the European Union."

Talk to us about your business.

 

You’re in good

hands

We’re great at bringing a range of services to those who need them most. If you pick up a phone and give us a call, we’ll be more than ready to talk to you about our services and all that we offer. We’ve been helping businesses and individuals see real value in what they do for years now.

Business services

Offering a comprehensive range of accounting services to encourage growth.

Read more

Personal finance

Looking after your own money is tricky. That’s where we can really help you out.

Read more

Cloud accounting

Keeping all your financial information in one place is a great time-saver.

Read more

Seen enough? Give us a call

Quickbooks logo
BBF member badge