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New figures released by the Office for National Statistics (ONS) show that the UK economy grew by 0.2% in August. This follows two months of stagnation and marks a positive development for the country. While the ONS cautioned that growth has been slowing recently, these latest figures are still welcome news ahead of the government’s upcoming Budget.
The ONS revealed that manufacturers and retailers had a particularly strong month in August. Construction also saw a boost as new infrastructure projects got underway. Accounting, bookkeeping, and auditing businesses also had a positive impact on the economy during this time.
The Chancellor of the Exchequer, Rachel Reeves, welcomed the return to growth, emphasising that this remains the government’s priority. This growth is seen as an important step towards fixing the NHS, rebuilding Britain, and improving the lives of ordinary people.
However, Prime Minister Sir Keir Starmer has warned that the Budget will be “painful” and that taxes will rise. This suggests that while the recent growth is a positive development, there are still challenges ahead for the UK economy. These will have to be addressed if the country is to continue on a sustainable path to prosperity
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