UK economy experienced a Summer recovery, but a tough Autumn lies ahead

Commenting on the latest GDP figures for July published today (Friday), which shows that month-on-month growth was 6.6 per cent, but that monthly GDP was still 11.7 per cent down on pre-pandemic levels, James Smith Research Director at the Resolution Foundation, said:

“The UK economy continued to rebound over the Summer as lockdown restrictions eased. But it’s the level of activity that matters, which remains hugely down on pre-pandemic levels.

“More worryingly, the rise in covid-cases and return of public health restrictions means we are coming towards the end of the easy economic wins from restarting activity. With emergency support to firms and workers being withdrawn, far tougher times lie ahead this Autumn.

“Chancellor needs to reconsider his plans to swiftly phase out support given that the economic crisis will be with us for some time to come.”