Revised figures indicate that the UK economy grew by 0.7% in Q1 2024, driven by strong consumer spending, increased exports, and robust business investments. Government policies and sectoral gains also contributed significantly.
Millions of Britons are facing a significant tax hike, with average annual bills increasing by £620. The rise aims to address fiscal deficits and fund essential public services such as healthcare, social care, and education ahead of the upcoming General Election.
In June, the UK's flash composite PMI dropped to 53.1, missing the anticipated 54.5 and signaling slower economic growth. The decline highlights challenges in both the manufacturing and services sectors and raises concerns about the UK's economic recovery.
The UK government's borrowing for the month stood at £15 billion, below expectations but the national debt has surged to its highest level since 1961. This presents mixed economic implications and highlights the challenges in balancing borrowing with long-term debt management.
