July 2024 UK Economic Growth Update: Key Factors and Trends to Watch
The economy of the U.K. remained stagnant in July, with GDP falling below expectations at 0.2% growth. This marks the second consecutive month of no GDP growth, following a 0.5% increase in the three months leading up to July. The services sector saw marginal growth of 0.1%, while production and construction output declined by 0.8% and 0.4% respectively. The lackluster economic performance underlines the challenges faced by the U.K. economy, as Finance Minister Rachel Reeves acknowledged. Reeves cautioned that the upcoming Autumn Statement will reveal tough budget decisions, with potential tax hikes impacting consumer spending. Despite the current economic uncertainty, prospects of further interest rate cuts from the Bank of England may provide some relief and support wider growth.
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Lucas Bennett, completed his Finance degree at Bocconi University in Italy in 2018. He is highly skilled in corporate finance and risk management, beginning his career at a hedge fund in Milan. Lucas expertise extends to consulting for leading European firms, particularly within the energy markets sector. His analytical skills and strategic mindset have made him a sought-after consultant, and he continues to explore new opportunities within the financial services industry across Europe.