Rolling coverage of the latest economic and financial news, as UK economic recovery stalls * Full story: UK economic recovery stalled in July amid worker shortages * BREAKING: UK GDP rose just 0.1% in July * UK exports to EU countries fell * Service sector and manufacturing stalled * Capital Economics: rising virus cases and shortages stall recovery * ONS: staff shortages a factor * Construction output fell as firms struggle to source raw materials * Introduction: UK’s July GDP report 10.45am BST UK economic growth could remain disappointing for some time, warns CHARLES HEPWORTH, investment director at GAM INVESTMENTS: “The UK economy grew much less than forecast in July with GDP expanding just 0.1% against expectations of a 0.5% increase and against the 1% advance seen in the month of June. The continual uptick in virus case numbers along with the “pingdemic’ leading to staff shortages were cited by the ONS as contributory factors along with the continual supply side issues. It is now unlikely that the Bank of England’s forecast of 3% growth in the third quarter will be met. 10.14am BST THE OWNER OF THE REAL GREEK AND FRANCO MANCA RESTAURANT CHAINS SAID BUSINESS IS PICKING UP WEEK BY WEEK, WITH TRADING UP MORE THAN A QUARTER OVER PRE-PANDEMIC LEVELS AS TOURISTS AND OFFICE WORKERS BEGIN TO RETURN TO CITY CENTRES. The Fulham Shore, which owns 75 restaurants, said that revenues across its chains increased by 27% in the three weeks to 5 September compared with the same period in 2019. Related: Franco Manca owner lauds return of workers and tourists to city centres Continue reading...
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