UK economy unexpectedly grows 0.1% in August, official figures show

Summary

The UK economy unexpectedly grew by 0.1% in August, following 0.4% growth in July, the Office for National Statistics reported, according to The Independent and the Evening Standard, despite predictions it would shrink, according to Sky News. The economy grew after a boost in the production sector, even as growth slowed across the country, City A.M. reported, a poll of economists by Bloomberg having predicted a contraction. The figure comes as chancellor John Healey prepares for a tough Budget this month, according to the Financial Times, and The Guardian said the economy grew despite a fuel hit to household budgets, with the data coming two weeks before the chancellor's budget, which looks to help consumers traverse the cost of living crisis. A Bank of England deputy was 'surprised how well' the economy absorbed the energy price shock, the Evening Standard and The Independent reported.

Latest: UK gross domestic product unexpectedly grew by 0.1% in August, after 0.4% growth in July, the Office for National Statistics reported, despite predictions it would shrink, according to Sky News, as chancellor John Healey prepares for a tough Budget this month, according to the Financial Times, and a Bank of England deputy was 'surprised how well' the economy absorbed the energy price shock, the Evening Standard and The Independent reported.

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