Barnet  
020 8216 2520

Croydon  
0208 150 9950

Cambs  
01354 707 911

Southgate  
0208 886 9589

Ilford  
0208 216 2536

Official data reveals UK economy grew by 0.2% in July

12 Sep 2022

Data published by the Office for National Statistics (ONS) revealed that the UK economy grew by 0.2% in July following a decline in the previous month.

According to the data, the services sector was the biggest contributor to economic growth. The ONS found that monthly services output rose by 0.4% between June and July 2022.

The data also showed that GDP rose by 0.2% between June and July 2022.

However, experts have warned that interest rate rises will adversely affect individuals, despite the government's recent move to cap spiralling energy prices.

Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics, commented: 'The main threat to the economic outlook now comes from an excessive tightening of monetary policy, but we think that the Monetary Policy Committee (MPC) will see sense soon.

'Accordingly, we continue to think that a recession will be narrowly avoided over the coming quarters.'

icaew logo iris logo icaew-insolvency logo r3 logo sage logo quickbooks logo Xero logo