Reference News Network, September 14 - According to AFP, September 12 report, official data showed that the UK economy stagnated in July. This is another blow to the Labour government after a turbulent week for Prime Minister Keir Starmer.
The UK National Statistics Office said in a statement that the GDP in July remained flat compared to the 0.4% increase in June.
Although the July GDP data met market expectations, limiting the fluctuations of the pound on Friday, the government acknowledged the difficulties in promoting economic growth.
A spokesperson for the Treasury said in a statement: "We know we need to take more measures to promote economic growth, because although our economy has not collapsed, it does feel stuck." Meanwhile, the Labour Party is preparing to announce its annual budget by the end of November.
The latest data shows that the decline in manufacturing of 1.3% offset the expansion of the service and construction sectors.
Paul Dales, chief UK economist at Capital Economics, pointed out: "The actual GDP in July remained stagnant, indicating that the economy still lacks good growth momentum in the face of previous tax increases and potential further tax increases in the budget."
Chancellor Rachel Reeves promised last week to "strictly control" public spending. She will deliver her budget speech on November 26.
After the Labour Party won the general election in July last year, Reeves raised taxes and cut public spending, leading to weak economic growth in the UK. (Translated by Ge Xuelé)
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