UK economic growth slows in the third quarter
UK economic growth slowed between July and September as supply chain problems hindered the recovery, latest official figures show.
Grant Fitzner, ONS chief economist, said service growth expanded, helped by house buyers rushing to do deals before the end of the stamp duty holiday."Notably, business investment remained well down on pre-pandemic levels in the three months to September," he said. It has led to PPS deciding to invest further in its operations despite initially thinking it was "too risky" due to the pandemic, Ms Davies-Chinnok added."We have had three price increases this year, which is unheard of," said Ms Davies-Chinnok. "But we can't finance doing business with our customers when our suppliers are increasing their costs to us."
"Although monthly output rebounded through the quarter from July's contraction this is more likely to reflect a temporary boost from restrictions easing, rather than a meaningful improvement in the UK's underlying growth trajectory," he said. The economy has still not caught up with its losses during the pandemic. On a quarterly basis, the gap is still 2.1% and will not be filled until into next year. Using monthly data, it is smaller.
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