One of Liz Truss’s suggestions on the leadership campaign trail was that her economic agenda could avoid recession. But one of the (many) gambles attached to these comments was what had already happened to the economy before she entered No. 10.
This morning we got some more insight about how the economy fared over the summer, as the Office for National Statistics revealed that GDP grew by 0.2 per cent in July: a small uptick, following a 0.6 per cent contraction in June.
The small, but still positive, growth was mostly a result of a boost to services industries, which fell by 0.5 per cent in June, with the largest contributing sectors including computer programming, consultancy and telecommunications. But looking at a slightly broader picture, July’s small increase in economic output still sees GDP ‘flat in the three months to July compared with the previous three months’ – roughly in line with the Bank of England’s latest forecast for growth, which doesn’t just show GDP stagnant for the coming months, but for the next several years.
Britain’s best politics newsletters
You get two free articles each week when you sign up to The Spectator’s emails.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in