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Official figures showed the economy grew by a better-than-expected 0.6 percent in September. Gross domestic product is now only 0.2 percent below its pre-pandemic level. And experts predict even stronger growth later in the year as supply chain issues ease and a pre-Christmas spending bonanza is expected.
Rishi Sunak welcomed the latest figures and said the economy “continues to recover” from the Covid crisis. But he accepted there are still “challenges to overcome”.
The Chancellor said: “The economy continues to recover from Covid.
“Thanks to schemes like furlough, the unemployment rate has fallen for eight months in a row and we’re forecast to have the fastest growth in the G7 this year.
“As the world reopens we know there are still challenges to overcome.
“That’s why at the Budget last month I set out our plan to build a stronger economy for the British people.
“We’re continuing to support businesses, jobs and people so that we can achieve our vision of a high-skill, high-productivity economy where work is rewarded.”
There are also signs that the UK’s economic growth will surpass the EU because of surging Covid cases in Europe.
Britain has remained largely unscathed by the fourth wave of the virus, thanks to high vaccination rates.
Office for National Statistics data also showed the economy expanded by 1.3 percent between July and September.
This was down from growth of 5.5 percent in the previous three months.
Julian Jessop, Economics Fellow at think tank the Institute of Economic Affairs, said: “This is a much quicker recovery than most had forecast at the start of the year.”
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