CBI warns of rocky road despite July economic growth

14 Sep 2020

The Confederation of British Industry (CBI) has warned that the UK economy still faces a 'rocky road back to normality' despite GDP growth in July.

The UK economy grew by 6.6% in July but remains far below pre-pandemic levels, according to the latest figures from the Office for National Statistics (ONS).

Hairdressers, pubs and restaurants contributed to the economic growth after businesses were allowed to reopen in July. It is the third month in a row that the economy has expanded.

However, the ONS warned that the UK has still only recovered just over half of the lost output caused by the coronavirus (COVID-19).

Commenting on the data, Rain Newton-Smith, Chief Economist at the CBI, said: 'As more businesses were able to open their doors, the economy grew further in July. But economic growth lost some steam on the previous month, illustrating the continued uncertainty over the shape of an economic recovery ahead.

'The prospect of a second wave is restraining consumer and business confidence, and firms continue to face cashflow difficulties. With government support schemes coming to an end and renewed uncertainty over Brexit, clearly the road back to 'normal' is going to be a rocky one.'

Client Testimonials

We at PORT Accountants in North Wales pride ourselves on our excellent level of service and advice. Here are just a few of PORT Accountants’ reviews and testimonials from our happy customers:

Home | Contact us | Accessibility | Disclaimer | Privacy Notice | Help | Site map |
© 2020 Parker O'Regan Tann & Co. All rights reserved.
Parker O'Regan Tann & Co, Bangor Business Centre, 2 Farrar Road, Bangor LL57 1LJ
Parker O'Regan Tann & Co, 17 Wynnstay Rd, Colwyn Bay, Conwy LL29 8NB

We use cookies on this website, you can find more information about cookies here.

Registered as auditors and requlated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants