UK economic growth slows as Iran war pushes up energy prices
Services led the rebound as June GDP rose 0.3%, while economists said higher energy prices could slow growth later this year.
- Britain's economy grew 0.4% in the second quarter, according to The Office for National Statistics, with an unexpected 0.3% monthly rise in The June as the Services sector powered the rebound.
- The Iran war is expected to slow growth for the remainder of the year as rising energy prices weigh on companies and household budgets. Chancellor of the Exchequer John Healey noted the conflict has added pressure on British businesses.
- Firms across the Services sector reported buoyant trade in The June, driven by extreme hot weather and the start of the World Cup. This surge helped offset earlier quarterly weakness.
- Political instability marked the second quarter, during which Keir Starmer resigned as prime minister in July. New Prime Minister Andy Burnham has pledged to lower business costs amid a "difficult financial outlook."
- Chancellor of the Exchequer John Healey said Britain has seen the fastest growth in the G7 this year, but added the government must now "double down and drive growth in every postcode.
60 Articles
60 Articles
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