Experts say the British economy has rebounded, and recent data clearly confirms this. The results published by the Office for National Statistics for the second quarter of this year indicate another consecutive GDP growth, this time by 4.8%. This result is largely the result of the complete abolition of restrictions – bars, restaurants and stores can return to their normal operation, and this has become a driver of increased consumer spending.
Originally, analysts expected a worse outcome, mainly due to the havoc that the contact tracing system has wreaked on many industries. From June to July, hundreds of thousands of workers are quarantined each week through the NHS Test and Trace app. Meanwhile, the Office for National Statistics reported that GDP growth in June alone was 1%, compared to a 0.6% jump in May.
“I know we still have significant challenges ahead, but I feel more confident about the UK economy,” said Rishi Sunak, the chancellor.
We exceeded our expectations, and achieved the best quarterly economic growth rate of all G7 countries. I’m glad Britain is being reborn.”
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