The UK economy grew by 0.2% in August – in line with expectations.
Gross domestic product (GDP) has been fluctuating in the past year – and in July, early official figures suggested that strikes and a summer washout had led to a worse-than-expected contraction of 0.5%.
But last month, the Office for National Statistics (ONS) confirmed that inflation had eased slightly to 6.7% in August – confounding economists’ predictions that it would rise.
The Bank of England subsequently left its interest rate unchanged for the first time since November 2021 – at 5.25% – following 14 consecutive rises in an attempt to bring inflation back to its target level of 2%.
Despite this, the Bank has warned that many Britons are yet to feel the full impact of increased borrowing – especially considering that more households are now on longer-term mortgages.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
