Growth slows sharply in 3rd quarter: Supply Chain
11/11/2021- 7:14 a.m.
SUPPLY CHAIN WOES: UK growth slows sharply in 3rd quarter
The Office for National Statistics (ONS) has revealed the UK economy growth dropped to just 1.3% between July and September, contrasting the 5.5% growth in the three months prior.
July (-0.2%) and August (+0.2%) in particular were hit worse than previously thought when the supply chain crisis struck, leaving the economy 2.1% lower than pre-pandemic levels.
The Bank of England has warned inflation is likely to leap from 3.1% to 4.5% by November and 5% by next April – the highest level in a decade.
