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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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