UK economy growing strongly

GDP climbs 4.8% in Q2The British economy grew by 4.8% in the second quarter, data from the Office for National Statistics shows. Despite the climb in output, GDP remains 4.4% below the pre-pandemic level recorded in Q4 2019. Q2’s reading also fell short of a Bank of England estimate that the economy would grow by more than 5%. The ONS said the UK’s GDP growth for the second quarter was faster than those recorded by the US, France, Germany, and Spain, with the UK seeing the fastest quarterly growth rate among all G7 nations. Jonathan Athow, deputy national statistician for economic statistics at the ONS, said the UK economy “has continued to rebound strongly” while Chancellor Rishi Sunak said the figures show that the economy “is on the mend”. “I know there are still challenges to overcome, but I feel confident in the strength of the UK economy and the resilience of the British people,” Mr Sunak added.