[ad_1]
The UK economy grew by 4.8 percent in the second quarter of 2021 as lockdowns lifted, getting people back into pubs, the Office for National Statistics figures showed. The country’s gross domestic product (GDP) increased by a further one percent in June, creating five consecutive months of growth.
The economy also speeded up from 0.6 percent growth in May, the ONS said.
Lockdown restrictions slowly eased through much of the quarter.
Outdoor dining opened again in April, the first month the quarterly data includes, and further restrictions were lifted in May.
ONS deputy national statistician for economic statistics Jonathan Athow said: “GDP is still around two percentage points below its pre-pandemic peak.”
JUST IN: Meghan video shows she and Harry are ‘out of touch’, says royal expert
Economists at Pantheon Macroeconomics had expected GDP to grow by 0.6 percent in June, and 4.7 percent across the quarter.
The news will come as a major boost to Prime Minister Boris Johnson and Chancellor Rishi Sunak, with 75 percent of Britons now fully jabbed.
On Tuesday Johnson tweeted: “Our incredible vaccine rollout has now provided protection to 3/4 of UK adults.
“We should be proud of this huge national achievement.
“It’s vital those who haven’t been vaccinated book their jab to protect themselves, their loved ones and allow us to enjoy our freedoms safely.”
[THIS IS A LIVE BLOG: SCROLL DOWN FOR REGULAR UPDATES]
DON’T MISS
EU’s accession to CPTPP branded ‘impossible’ [EXCLUSIVE]
Experts pinpoint huge opportunities of new trade scheme [REVEALED]
EU snub after Iceland walked out of fishing talks [INSIGHT]
7.40am update: “Considerable demand to invest”
Commenting on quarter on quarter GDP rising 4.8%, Ian Warwick, Managing Partner at Deepbridge Capital, said: “Although expected with the economy reopening, today’s GDP data is the latest sign of positive growth for the economy.
“As we continue to focus on economic recovery, it remains critically important that scale-up businesses, particularly in high-growth sectors such as digital technologies and life sciences are supported; as they will be at the very heart of economic growth as we create an economy fit for the twenty-first century.
“Government initiatives such as the Enterprise Investment Scheme (EIS) have never been more important for helping entrepreneurs and innovators source the funding they require, whilst also offering private investors with tax incentives to develop UK-supporting private equity portfolios.
“With our EIS funds reaching record levels of funding in 2020/21 it is evident that there is considerable demand from investors and financial advisers alike to invest in early-stage UK companies which we believe will be at the forefront of our economic recovery.”
[ad_2]
