London
CNN Business
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There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated.
But the latest update from the Office for National Statistics also showed that the United Kingdom is the only G7 economy that has not recovered fully from the pandemic, with GDP still 0.2% smaller than at the start of 2020. And, according to the Bank of England, the economy is most likely already shrinking again, with inflation heading to 11%.
“The important thing [in Friday’s data] was that the UK is struggling to grow and facing a probable deeper recession down the road, and today’s revision doesn’t change that,” said Craig Erlam, senior market analyst at Oanda.
It may be a long time before it does recover, given the crisis unleashed by Prime…
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