Gross domestic product showed zero growth in the reported month compared with June


London (AFP): Britain’s economy stalled again in July, official data showed Wednesday, dealing a blow to the new Labour government that has put growth expansion at the top of its priority list.
Gross domestic product showed zero growth in the reported month compared with June, when output also flattened, the Office for National Statistics (ONS) said in a statement.
Analysts had predicted a slight uplift in growth for July, while previous data showed the UK economy grew at a slightly slower pace in the second quarter compared with the first.
Prime Minister Keir Starmer’s Labour government won power at the start of July, ending 14 years of Conservative rule.
“I am under no illusion about the scale of the challenge we face and I will be honest with the British people that change will not happen overnight,” finance minister Rachel Reeves said in response to Wednesday’s data.
“Two quarters of positive economic growth does not make up for fourteen years of stagnation.
“That is why we are taking the long-term decisions now to fix the foundations of our economy,” she added in a statement.
The new government was boosted overnight, however, by news that US tech giant Amazon is to invest £8 billion ($10.5 billion) in Britain over the next five years, creating thousands of jobs via its web services arm.
“We are taking the long-term decisions now to fix the foundations of our economy, including today’s announcement… from Amazon Web Services, that will help rebuild Britain and make every part of the country better off,” Reeves added.
The investment – to build, operate and maintain data centres in the UK – could contribute £14 billion to the country’s GDP and support more than 14,000 jobs annually across the supply chain, Amazon said.

JI chief offers help for Afghanistan talks, slams govt’s approach to national security
- 3 گھنٹے قبل
KP govt allocates Rs5.5bn for police counter-terrorism equipment
- 4 گھنٹے قبل

Dollar surges as forex markets struggle amid IMF delays, economic pressures
- 11 منٹ قبل

Terrorism has no home on Pakistani soil: PM
- 5 گھنٹے قبل

Mustafa Amir murder case: Father and son clash in court during case hearing
- ایک گھنٹہ قبل

Bangladesh’s 2025 tour of Pakistan confirmed for white-ball series
- 3 گھنٹے قبل

SBP clarifies regarding issuance of new currency notes on Eid
- 4 گھنٹے قبل

Nagpur riots: Hindu extremist group demands destruction of Aurangzeb's tomb
- 2 گھنٹے قبل

Saudi authorities arrest 50 people, including 11 women, for prostitution charges
- 3 گھنٹے قبل

Eid u-Fitr holidays announced in UAE
- 4 گھنٹے قبل
Gold prices hit historic highs amid global economic concerns
- 2 گھنٹے قبل
Jaffar Express resumes operations after terrorist attack
- 3 گھنٹے قبل