{"id":410,"date":"2021-10-19T08:15:26","date_gmt":"2021-10-19T07:15:26","guid":{"rendered":"https:\/\/holidayletmortgageuk.com\/?p=410"},"modified":"2021-10-19T08:15:28","modified_gmt":"2021-10-19T07:15:28","slug":"uk-economy-returns-to-growth-amid-staycation-boom","status":"publish","type":"post","link":"https:\/\/holidayletmortgageuk.com\/uk-economy-returns-to-growth-amid-staycation-boom\/","title":{"rendered":"UK economy returns to growth in August amid staycation boom"},"content":{"rendered":"\n
The UK economy returned to growth amid a boom in staycation spending and Brits making the most of an easing in self-isolation rules by rushing to pubs, bars and restaurants.<\/p>\n\n\n\n
The economy expanded 0.4 per cent in August, a resumption of growth after the Office for National Statistics (ONS) marked down July\u2019s figure to minus 0.1 per cent.<\/p>\n\n\n\n
The rebound was largely driven by the services industry receiving a bump from households choosing to holiday in the UK amid ongoing Covid-related travel restrictions across the world. Output at travel agents and tour operators soard 47.9 per cent over the last month.<\/p>\n\n\n\n
Contact us today to speak with a specialist\u00a0Holiday Let Broker<\/a><\/strong>\u00a0to discuss how we can assist you<\/em> <\/p>\n\n\n\n Food and beverages services notched a 5.9 per cent jump in output, as consumers capitalised on the last of the summer weather. Reservations over being forced to self-isolate after contraction Covid-19 receded following the easing of isolation rules.<\/p>\n\n\n\n Darren Morgan, director of economic statistics at the ONS, said: \u201cThe economy picked up in August as bars, restaurants and festivals benefited from the first full month without COVID-19 restrictions in England.\u201d<\/p>\n\n\n\n However, the UK economy is still 0.8 per cent smaller than it was before the pandemic.<\/p>\n\n\n\n Chancellor Rishi Sunak said: \u201cOur economic recovery is continuing with more employees on payrolls than ever before and the UK forecast to have the fastest growth in the G7 this year.\u201d<\/p>\n\n\n\n James Smith, developed markets economist at ING, said: \u201cActivity in hospitality and recreation\/culture is essentially back to pre-virus levels, which suggests that the economy weathered the Delta Covid-19 wave better than we\u2019d feared at the time.\u201d<\/p>\n\n\n\n