Rolling coverage of the latest economic and financial news after UK growth figures were released for August
Digging further into the UK GDP data, the 2.1% rise in August marks the fourth consecutive monthly increase since GDP plunged by a record 19.5% in April.
UK GDP is now 21.7% higher than its April low.
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
And importantly: happy UK GDP day. Though how happy you are about the pace of Britain’s recovery depends on how you look at the numbers.
While the latest data confirms a rebound in economic activity continued into August, the sharp slowdown in growth indicates that the recovery may be running out of steam, with output still well below pre-crisis levels.
The increase in activity in August largely reflects a temporary boost from the from the economy reopening and government stimulus, including the Eat Out to Help Out Scheme, rather than proof of a sustained ‘V’-shaped recovery.
GDP rose 2.1% but is lower than expected as Covid lockdown measures were relaxed
Britain’s recovery from the coronavirus pandemic continued at a slower pace in August as the government’s eat out to help out scheme fuelled a rise in consumer spending.
The Office for National Statistics (ONS) said gross domestic product rose by 2.1% in August compared with the previous month, missing expectations among City economists for a monthly growth rate of 4.4%.
With UK’s Liam Fox eliminated the contest is now between Yoo Myung-hee and Ngozi Okonjo-Iweala
The World Trade Organization is set to be run by a woman for the first time in its 25-year history after it was announced that the final choice to be its new director-general will be between South Korea’s Yoo Myung-hee and Nigeria’s Ngozi Okonjo-Iweala.
Britain’s former international trade secretary Liam Fox failed to make the final shortlist as the number of candidates was whittled down from five to two.
The eight candidates to be the next director-general of the World Trade Organization are:
