Yael Selfin, Chief Economist at KPMG UK, comments on today’s GDP figures for August
“Despite the headline figure of strong growth for the three months to August, today’s figures also show that the UK economy lost momentum in August, with growth coming to a halt after a very strong July.
“The service sector, the UK’s traditional engine of growth, fell silent in August, with hotels, restaurants, entertainment and recreation services experiencing the sharpest fall compared to July.
“Performance was also disappointing in the manufacturing and construction sectors, without put contracting during the month.
“The figures today reinforce the need for the Chancellor to prioritise growth in his Budget later this month. They also provide the Bank of England with food for thought before the MPC decides to raise interest rates again.”
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