UK economy rebounded in Q2

Britain’s economy performed better than previously thought in the second quarter, as households spent more and saved less as a result of easing lockdown restrictions, official data showed Thursday.

Gross domestic product in the three months to June grew by 5.5 percent, up sharply from the previous estimate of 4.8 percent, the Office for National Statistics said in a statement which also cited accounting changes.

The economy has slowed since then, however, with the Bank of England warning that the recovery is flattening as a result of ongoing pandemic fallout and global supply chain bottlenecks.

The outlook also darkens Thursday with the end of the UK government’s costly furlough scheme, which kept millions in their jobs during the pandemic

Consumers and businesses also have to contend with runaway gas prices and a chronic shortage of lorry drivers that helped spark a run on motor fuel last week.