Posted 10/12/2023, 9:31:54 AM
UK Economy Rebounds Slightly in August but Full Impact of Rate Hikes Still Looms
- UK economy grew 0.2% in August after sharp fall in July, fueling expectations of stable interest rates
- Growth driven by education sector recovery and boost from computer programmers/engineers
- But some sectors fared poorly like arts, entertainment, recreation and sports
- Economists say full impact of rate hikes yet to be felt, prospects of recession still loom
- Chancellor says economy more resilient than expected but shadow chancellor warns of low growth cycle
