Economic growth continues

The 1-minute read to get the money news you need with expert adviser commentary.

July recovery

UK GDP grew by 6.6% in July - that makes it 3 months of economic growth in a row. Lots of businesses were allowed to reopen for the first time in July, and people started venturing back to pubs and restaurants in greater numbers. We’re rebounding from the coronavirus recession, but output is still 11.7% below pre-pandemic levels.

What will Sunak do?

Chancellor Rishi Sunak has been urged to consider extending the furlough scheme in some targeted cases. The wage subsidies, which have supported millions of workers, are due to end on 31st October. But a cross-party group of MPs, with support from industry, has suggested that support continue for businesses that stand a chance of thriving again in the future.

Rich areas tighten belts

New data suggests that wealthier London suburbs saw the biggest falls in spending over lockdown. According to bank and credit card data from Fable, affluent households in Islington, Camden and Greenwich spent far less in April as their lifestyles were reigned in. Those boroughs were also slower to start splashing the cash again in May and June.