“Our strengthening economy and strong public finances mean we stand out in the developed world and warrant a special place in the eyes of investors.”
The Office for National Statistics reported on an exaggerated fall of UK’s GDP (Gross Domestic Product) in July since the economists anticipated a decrease of merely 0.2%. Surpassing their expectation by a higher drop of 0.5%, Britain became the fastest retreating economy for the last seven months. The largest cause behind the retrogression was believed to be a dip of 0.5% in services sector and other sectors too like construction and communication also observed relatively lower threshold. Euro inclining with 0.2 % against pound sterling which decreased to 0.4% added on further to the deteriorating war of tug being battled upon.
Declining UK economy sent alarm bells sizzling in the ears of Prime Minister Rishi Sunak, indicating contrastingly poor performance of his Conservative Party in the upcoming Public Elections, Trailingrod-length inferior to its competitor, Labour Party in opinion polls; UK is trying to stretch and sustain itself amidst fiscal crisis.
Commending the economy’s courage to weather tougher times,such as rising borrowing rates at 5.25 % , Jeremy Hunt, Higher Authority of Exchequer proceeded positively to explain the nation holding unbreachable determination of bringing in the investors despite suchbweak staggering Wows of its economy.
