Headline: UNCAPTIONED: UK Economy Stagnates in July with No Growth as Labour Takes Power
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UK Economy Stagnates in July with No Growth as Labour Takes Power. The UK economy showed no growth in July, marking the second consecutive month of stagnation, according to the Office for National Statistics (ONS). Despite expectations of 0.2% growth, GDP remained flat, surprising economists. However, the services sector provided some strength, with growth over the past three months totaling 0.5%, thanks in part to gains from computer programmers and the resolution of health sector strikes. While services grew, declines in manufacturing and construction, especially within the car and machinery sectors, offset these gains. Despite this, the UK led the G7 nations in growth for the first half of 2024. The Bank of England is expected to keep interest rates unchanged next week but could lower them to 4.75% in November as part of ongoing efforts to control inflation.
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