UK economy grows 6.6% in July

The UK economy grew by 6.6% in July, according to Office for National Statistics (ONS) figures, but still remains far below pre-pandemic levels.

It is the third month in a row that the economy has expanded.

The ONS said the UK "has still only recovered just over half of the lost output caused by the coronavirus".

Kingswood chief investment officer Rupert Thompson said: "Activity has now recovered a little over half of the massive 26% fall seen between February and April but this still leaves the economy close to 12% smaller than it was prior to COVID.

"The pace of the recovery moderated in July and looks certain to slow significantly more over coming months as the initial boost from pent-up demand fades and the furlough scheme comes to an end. As the Chancellor has been keen to point out, the economy is far from out of the woods yet.”

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