The UK economy expanded 0.3 per cent in the second quarter, surpassing expectations, but underlining the challenge facing chancellor Rachel Reeves as she attempts to boost growth and repair the public finances.
Thursday’s GDP figure for the April-to-June period was above the 0.1 per cent forecast by economists but marked a sharp slowdown from the 0.7 per cent expansion in the first quarter.
The figure comes as businesses contend with higher taxes announced in Reeves’ October Budget and the uncertainty unleashed by Donald Trump’s trade war. The chancellor is gearing up for an Autumn Budget that economists say will require tax increases to fill a fiscal hole that some estimate could exceed ￡20bn.
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