Britain's economy contracted by less than feared in June, when public holidays had been expected to exert a big drag, although sectors most exposed to a worsening cost of living crisis, like retail and restaurants, struggled.
Output for the second quarter as a whole still contracted, however, with Britain expected to enter a long downturn at the end of the year in the face of surging inflation and rising interests rates.
"It's impossible to tell whether this reflects a smaller than usual hit from the Jubilee, or evidence that the economy has considerable underlying momentum," said Samuel Tombs, economist from consultancy Pantheon Macroeconomics.Friday's data pointed to growing weakness among consumer-facing sectors of the economy as Britons deal with inflation reaching a 40-year high in the wake of the war in Ukraine.
Soldiers parade outside Buckingham Palace during the Platinum Jubilee Pageant, marking the end of the celebrations for the Platinum Jubilee of Britain's Queen Elizabeth, in London, Britain, June 5. Frank Augstein/Pool via REUTERS Last week the Bank of England predicted Britain would enter a recession at the end of 2022 and not emerge until early 2024 as it raised interest rates to battle inflation, which it said was likely to exceed 13% in October.For the second quarter as a whole, the ONS said the economy contracted by 0.1%, compared with forecasts for a 0.3% drop.
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