Commenting on the latest Office of National Statistics GDP data, Barret Kupelian, Chief Economist at PwC, says:
"The UK economy’s mini growth spurt in the first half of the year spilled over into July, fuelled by the World Cup and hot weather. But growth appeared unbalanced with momentum in the largest services sector offsetting contraction in the smaller construction and the production sectors.
"Artificial intelligence continues to have imprints across the UK economy, with AI exposed sectors - professional services, information technology, administrative services - recording strong growth. For example, computer programming, consultancy and related activities have grown by more than 25% over the past two and a half years.
"The bigger question is whether this momentum survives into the autumn. At present, the most immediate risk is home grown: speculation ahead of the Budget. If uncertainty encourages businesses to postpone investment and households to defer spending, talk about the Budget could start affecting the economy before the Chancellor has even stood up to deliver it.”
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