The economy in the UK grew by just 0.3 per-cent from April to June in worrying news for the future of the sector, as families continue to struggle with rising and unprecedented costs.
The Office for National Statistics reported on Thursday that Gross Domestic Product (GDP) rate grew by 0.3 per-cent. It was a drop of 0.4 per-cent from its level for the first three months of 2025.
Major pressure continues to mount on UK Chancellor of the Exchequer, Rachel Reeves.
The borrowing rate has also surged recently, rising to a staggering £20.7 billion. The figure was significantly higher than in 2024 and just behind the rate for June 2020 in the overall record list.
Despite the concerning data, the Bank of England made the decision to cut the interest rates 4 per-cent, to its lowest level since 2023, in welcome news for the under-pressure chancellor.
Speaking to Sky News, Ms Reeves insisted there’s “more to do” to save and protect the economy.
“There is more to do to deliver an economy that works for working people,” explained Ms Reeves.
“I know the British economy has the key ingredients for success but has felt stuck for too long.
“That is why we’re investing to rebuild our national infrastructure, cutting back on red tape to get Britain building again and boosting the national minimum wage to make work pay.”