Sunday, April 14

UK Economy Grows on a Monthly Basis After Queen Funeral Impact

The British economy grew by 0.5 percent on a monthly basis in October. The growth rate has everything to do with the earlier burial of Queen Elizabeth II.

Due to the queen’s death, the British were given a day off in September, which directly impacted the economy.

The growth in October followed a contraction of 0.6 percent in September. Economists generally expected a recovery of 0.4 percent in October. As a result, the UK economy was marginally larger in October than before the pandemic.

The reported growth is not expected to save the UK economy from recession. According to the Bank of England, the economy is already in recession. This may last until the end of next year, as the British central bank said last month.

British Chancellor of the Exchequer Jeremy Hunt commented on the figures that the British economy is on a “difficult road”. “Like the rest of Europe, we are not immune to the aftershocks of the corona, Putin’s war and high global gas prices,” he said.

The British economy contracted by 0.3 percent in the three months to October. This was a smaller decrease than the average forecast of 0.4 percent, but it is also the largest decrease since the beginning of 2021 when the country had to deal with strict corona restrictions.

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