The headline: UK economic growth slowed in the second quarter of the year to 0.3%
The detail: This was better than economists had forecast but still marks a slowdown from 0.7% growth in the first quarter
The why: In the first quarter of the year there was a rise in exports and house sales before US tariffs and stamp duty hike kicked in – that had fallen away in the second quarter
The politics: Chancellor Rachel Reeves says the figures show “continued growth…but there is more to do” but shadow chancellor Mel Stride accused her of “economic vandalism”. Meanwhile, Lib Dem Treasury spokesperson Daisy Cooper says “snails would scoff at the pace that our economy is growing”.
- UK economic growth slowed to 0.3% between April and June this year, official figures show
- The figure is better than expected, there’s still been a slowdown compared to the first quarter of the year, our deputy economics editor writes
- Growth was driven by increases of 0.4% in services and 1.2% in construction, while the production sector fell by 0.3%, the ONS says
- Chancellor Rachel Reeves says the figures are positive but there’s more to do, while shadow chancellor Mel Stride says Reeves “is taxing your future to fund her failure”
- The strength of the economy affects things like pay increases for workers and the amount of tax the government can raise to pay for services – here’s an explainer on GDP
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