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‘Pingdemic’ hits UK growth

The UK economy grew much less than forecast in July with GDP expanding just 0.1% against expectations of a 0.5% increase and against the 1% advance seen in the month of June.

Thursday, September 9, 2021

The UK economy grew much less than forecast in July with GDP expanding just 0.1% against expectations of a 0.5% increase and against the 1% advance seen in the month of June. The continual uptick in virus case numbers along with the “pingdemic’ fiasco leading to staff shortages were cited by the Office for National Statistics (ONS) as contributory factors along with the continual supply side issues. It is now unlikely that the Bank of England’s forecast of 3% growth in the third quarter will be met. More of these growth disappointments will surely follow for the UK economy for the foreseeable future.

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Charles Hepworth

Investment Director
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