{"id":72319,"date":"2020-10-13T12:29:43","date_gmt":"2020-10-13T12:29:43","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72319"},"modified":"2020-10-13T12:29:44","modified_gmt":"2020-10-13T12:29:44","slug":"uk-economy-stumbles-in-august-setting-back-recovery-from-covid-19-slump","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-stumbles-in-august-setting-back-recovery-from-covid-19-slump\/","title":{"rendered":"UK economy stumbles in August, setting back recovery from COVID-19 slump"},"content":{"rendered":"\n
UK economy struggled to grow in August, setting back its recovery from the coronavirus lockdown, and finance minister Rishi Sunak was due to announce more help to slow a rise in jobs losses as a second wave of COVID-19 infections hits.<\/p>\n\n\n\n
Gross domestic product rose by 2.1% from July, official data showed, not even half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.<\/p>\n\n\n\n
Much of what growth there was in August was down to a one-off government restaurant subsidy programme.<\/p>\n\n\n\n
Finance minister Rishi Sunak was due to announce later on Friday a plan to support jobs in businesses that may be ordered to close to slow a resurgence of COVID-19 infections. Economists said the data also raised the chance of more stimulus from the Bank of England.<\/p>\n\n\n\n
\u201cThe sharp slowdown in growth indicates that the recovery may be running out of steam, with output still well below pre-crisis levels,\u201d Suren Thiru, head of economics at the British Chambers of Commerce said.<\/p>\n\n\n\n