UK Economy Recovers From Major Crash, Grows At Slow Pace: ONS
Gulf Today|September 12, 2020
Finance Minister Rishi Sunak welcomes the GDP figures but adds that people are rightly worried about the coming months
UK Economy Recovers From Major Crash, Grows At Slow Pace: ONS

Britain’s economy recovered half of its COVID-19 crash by the end of July, helped by pubs and restaurants reopening from lockdown, but the bounce-back is expected to slow as job losses mount and Brexit tensions rise.

After shrinking by a record 20% in the second quarter, output expanded by 6.6% in July, slower than June’s monthly rate, the Office for National Statistics (ONS) said on Friday. Economists polled by Reuters had expected growth of 6.7%.

Finance Minister Rishi Sunak welcomed the gross domestic product (GDP) figures but added that people were rightly worried about the coming months.

The economy remains 12% smaller than its level in February before the pandemic hit Britain.

“July was probably the last of the big step-up inactivity and a full recovery probably won’t be achieved until early 2022,” Thomas Pugh, an economist with Capital Economics, said.

In response, the Bank of England (BoE) was likely to ramp up its bond-buying stimulus program by a third, or 250 billion pounds ($320 billion), Pugh said.

Britain’s economy suffered the sharpest second-quarter fall of any Group of Seven nations in the April-June period.

Hopes for a swift rebound have faded as businesses struggle to cope with social distancing rules and many people remain reluctant to travel on public transport or go to crowded places.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM GULF TODAYView all
Bayern's bid for 10th German League title boosted by rivals' disarray
Gulf Today

Bayern's bid for 10th German League title boosted by rivals' disarray

Bayern are cruising unbeaten at the top of the league table under new coach Nagelsmann and their challengers from last season are in disarray. They have won their last nine matches in all competitions and scored at least three goals in each game

time-read
3 mins  |
October 01, 2021
Pakistan Pavilion at Expo spotlights Balochistan
Gulf Today

Pakistan Pavilion at Expo spotlights Balochistan

Visitors will get to see the strides women in Pakistan have made and the importance of their development

time-read
3 mins  |
October 01, 2021
Defence cooperation between UAE, Pakistan grows stronger
Gulf Today

Defence cooperation between UAE, Pakistan grows stronger

Sheikh Mohamed and General Bajwa discussed relations of friendship and joint coordination between the two countries in defence and military affairs

time-read
3 mins  |
October 01, 2021
England's Buttler reiterates to pull out of Ashes tour if not allowed to meet family in Oz
Gulf Today

England's Buttler reiterates to pull out of Ashes tour if not allowed to meet family in Oz

But whether the wicketkeeper-batsman also features in the five-Test Ashes series is open to doubt amid questions over the severity of COVID-19 restrictions confronting Joe Root’s men in Australia

time-read
3 mins  |
October 01, 2021
Balmain celebrates ten years with designer at Paris Fashion Week
Gulf Today

Balmain celebrates ten years with designer at Paris Fashion Week

An emotional recorded message by Beyonce opened the evening show, paying tribute to the French designer who she said strove to put diversity at the heart of his fashion

time-read
2 mins  |
October 01, 2021
Brazil's Palmeiras Advance To Copa Libertadores Final Again
Gulf Today

Brazil's Palmeiras Advance To Copa Libertadores Final Again

BELO HORIZONTE: Defending champions Palmeiras booked their place in the final of the Copa Libertadores on Tuesday, securing a batling 1-1 against Brazilian rivals Atletico Mineiro to advance on away goals.

time-read
2 mins  |
September 30, 2021
Chennai Look To Tighten Grip On Top, Hyderabad To Play For Pride
Gulf Today

Chennai Look To Tighten Grip On Top, Hyderabad To Play For Pride

Chennai are siting at the top of the standings with 16 points, having won eight of their ten matches. They are in stupendous form and have been unbeaten in the UAE leg of the tournament. CSK have notched up three victories on the trot to maintain their stranglehold on the summit

time-read
3 mins  |
September 30, 2021
Britain Deploys Soldiers To Deliver Fuel, Says Official
Gulf Today

Britain Deploys Soldiers To Deliver Fuel, Says Official

Petrol stations’ union says only 27% reported being out of gasoline while taxi drivers say there appeared to be little signs of the situation improving

time-read
3 mins  |
September 30, 2021
Cabinet Ministers Of UAE Sworn In At Qasr Al Watan
Gulf Today

Cabinet Ministers Of UAE Sworn In At Qasr Al Watan

The ministers expressed their appreciation for the trust of the leaders of the UAE

time-read
3 mins  |
September 30, 2021
Expo 2020 Star-Studded Opening Ceremony Will Mesmerise World
Gulf Today

Expo 2020 Star-Studded Opening Ceremony Will Mesmerise World

Opening ceremony viewing parties will take place across the country

time-read
4 mins  |
September 30, 2021