UK economy shrinks at quickest pace in seven months

Spread the love

https://leftfootforward.org/2023/09/uk-economy-shrinks-at-quickest-pace-in-seven-months/

“Another dismal day for growth in the UK economy. Appalling Tory decisions (and failures to make decisions) have left us stuck in a low growth, high tax trap.”

The UK economy shrank at its fastest pace in seven months in July, contracting by 0.5% amid industrial action and extremely wet weather, further increasing fears of a recession.

While economists had expected the economy to shrink by 0.2% in July, the economic performance was worse than expected, after the latest figures were released by the Office for National Statistics (ONS).

The ONS said that strikes by junior doctors reduced health service activity, while retailers who had benefited from a warm June suffered in July, which was the sixth wettest on record.

Strike action saw senior doctors and radiographers striking over pay on two days each, and junior doctors walking out on five days in the month. The repeated refusal of Tory ministers to reopen pay talks led to strikes.

https://leftfootforward.org/2023/09/uk-economy-shrinks-at-quickest-pace-in-seven-months/

Leave a Reply