We can’t ‘turn it around in one month’ says Chancellor as UK economy flatlines

Evening Standard

The UK economy flatlined in July for the second month in a row, according to the latest official figures, as the Chancellor said she is “under no illusion about the scale of the challenge” the country faces.The Office for National Statistics (ONS) said gross domestic product (GDP) recorded no growth in July.Economists had been expecting GDP to edge up by 0.1% in the month, according to a consensus provided by Pantheon Macroeconomics.

Transcript

00:00Well, I'm under no illusions about the scale that this new government faces in fixing the

00:11economy. After 14 years of economic stagnation, we're not going to be able to turn everything

00:18around in one month, or indeed in one budget. But today, in welcoming the new investment

00:24from Amazon Web Services in the UK, and data centres, and good jobs paying decent wages,

00:32and helping people train with those technical skills, is about the prize that is in offer,

00:37if we can bring stability back to the economy and work in partnership with business to rebuild

00:42our country and make it better off. And that is what I'm in this business for.

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