UK economy fails to grow in July

Published On Sep 11, 2024, 2:05 AM

Chancellor Rachel Reeves announced that the upcoming Budget will require difficult decisions regarding taxes, spending, and welfare, aiming to address a £22 billion shortfall in public finances. She emphasized the need for belt-tightening to stabilize the economy, as recent reports show stagnant economic growth. Despite these challenges, she highlighted positive initiatives like Amazon's planned £8 billion investment in data centers in the UK, which could stimulate economic recovery. However, she acknowledged that the Treasury is missing out on tax revenues due to the lack of growth in the economy, particularly in sectors like production and construction.