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UK economy sees meager growth of 0.1% in August, in line with expectations
GDP rose 0.1% in August after July's contraction, with three-month growth at 0.3%, as the government prepares for the November Budget amid fiscal pressures, officials said.
- The Office for National Statistics said the British economy grew by 0.1% in August.
- Revisions to monthly estimates indicate the United Kingdom economy shrank by 0.1% in July, while GDP rose by 0.3% in the three-month period to August.
- The Institute for Fiscal Studies projects Rachel Reeves will need to find `more than 250` million and `almost certainly` raise taxes, as she said she is `looking at further measures on tax and spending` on Wednesday.
- Chancellor Rachel Reeves is considering halving the cash ISA to �10,000 while keeping the stocks and shares ISA at �20,000, affecting the �300bn deposited in cash ISAs.
- With the Budget next month, the government’s growth priority faces pressure as Rachel Reeves’s no tax rises pledge for `working people` in the Labour manifesto complicates decisions.
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UK economy grows 0.1% in August after July slump
Britain's economy saw a modest 0.1% growth in August, recovering from a slight dip in July. This follows the Bank of England's upward revision of its third-quarter growth forecast to 0.4%. Policymakers are navigating an economy with persistent inflation and sluggish growth, as evidenced by a softening jobs market and slowing wage growth.
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Total News Sources21
Leaning Left3Leaning Right2Center7Last UpdatedBias Distribution58% Center
Bias Distribution
- 58% of the sources are Center
58% Center
L 25%
C 58%
R 17%
Factuality
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