The growth of the UK economy slowed considerably in July as retail sales fell and supply chain issues caused a contraction in the construction industry. GDP grew just 0.1% in July, much lower than an expected 0.6%. Overall, the economy remains 2.1% below February 2020 pre-pandemic levels according to the ONS.
UK Inflation in August saw its biggest monthly increase since records began, rising to 3.2%. Also covered in the episode are employment figures (1.6m people still on furlough as the scheme winds down), and the temporary measures that were brought in to support businesses from insolvency during the pandemic that will be phased out from 1st October.