The economy expanded by 0.2% in March following two months in which growth was not achieved. This was mostly due to a recovery in the construction industry and a good month for manufacturers, retailers, and accountants.
However, as compared to the first half of the year, economic growth is less robust, according to the Office for National Statistics (ONS).
As the government gets ready for the Budget at the end of October, these latest numbers are released.
The government has acknowledged that some taxes would increase in the “painful” budget, as warned by Prime Minister Sir Keir Starmer.
According to McKeown, the ONS’s director of economic statistics, firms that provide bookkeeping, accounting, and auditing services, together with retailers and manufacturers, contributed to the growth of the economy in August.
Although new infrastructure projects have begun to be built, she noted that construction has also recovered from the July dip. However, she noted that “the broader picture is one of slowing growth in recent months, compared to the first half of the year.”
Lead CBI business group economist Ben Jones stated that it was evident some companies had “paused employment and investment decisions” in order to obtain “greater certainty over it.
