Britain’s economic system grew by 0.2% within the three months to June reversing the preliminary estimate of a 0.1% contraction, official figures present.
The upward revision of the second quarter GDP by the Office for National Statistics implies the UK is just not at the moment in recession, as predicted by the Bank of England earlier this month.
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A technical recession is when the economic system sees two consecutive quarters of decline.
ONS chief economist Grant Fitzner mentioned: “These improved figures show the economy grew in the second quarter, revised up from a small fall.
“They also show that, while household savings fell back in the most recent quarter, households saved more than we previously estimated during and after the pandemic.”
The newest information comes within the face of the chaos on the monetary markets and fears of rocketing mortgage payments triggered by the federal government’s tax reducing mini-budget.
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The ONS mentioned this was pushed by upwards enhancements for the well being and monetary sectors.
Source: information.sky.com”