UK GDP below July forecast reflects plight of small businesses

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UK GDP below July forecast reflects plight of small businesses

0734 GMT – The weaker-than-expected economic growth in the UK in July reflects the difficulties facing small businesses, said Douglas Grant, director of Conister, part of Manx Financial Group. The economy’s expansion slowed to 0.1% in July from 1% the month before, official data showed, missing growth expectations of 0.5% in a poll of WSJ economists. “The slight slowdown in economic production reflects the plight of British small businesses and the current default levels caused by the continuing impact of the pandemic which should be of real concern,” he said. “We have to recognize that the UK corporate debt burden has swelled to unprecedented levels and, sadly, this has already created an endless stream of weak, zombie-like businesses falling off a cliff of loan default.”

 
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Contact: London NewsPlus, [email protected]

(END) Dow Jones Newswires

09-10-21 0351ET


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