BREAKING: U.K. Economy Loses More Speed in September Before New Lockdown
LONDON (Reuters) - Britain’s economy, which has struggled to maintain its recovery from its coronavirus lockdown crash, grew by a slower than expected 1.1% in September from August, even before the latest restrictions on businesses, official data showed.
Economists polled by Reuters had expected a monthly growth rate of 1.5% in September.
In the July-September period, gross domestic product grew by a record 15.5% compared with the previous three months, the Office for National Statistics (ONS) said.
But that failed to make up for its nearly 20% crash in the second quarter, which included most the period when the country was in the grip of its first coronavirus lockdown.
Last week, the Bank of England said the world’s sixth-biggest economy was likely to shrink by a record 11% in 2020 before growing by just over 7% in 2021.
Britain’s economy is being propped up by more than 200 billion pounds’ worth of emergency spending and tax cuts ordered by finance minister Rishi Sunak and by the BoE’s bond-buying programme which has been expanded to almost 900 billion pounds.
Despite the huge support, Britain’s economy suffered the biggest drop among major economies in an ONS comparison.
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