UK Economic Growth Revised Down to 0.5% in Q2

Revised figures show slower growth amid high migration and concerns over living standards.

• The UK's GDP growth for Q2 2024 has been revised down from 0.6% to 0.5%, according to the Office for National Statistics (ONS).
• Net migration reached near-record levels of 685,000 in 2023, contributing to a 0.3% decline in GDP per head and impacting living standards.
• The manufacturing and construction sectors performed worse than initially estimated, with a notable 3.1% drop in the manufacturing of transport equipment.
• House prices rose by 3.2% in the year to September, the fastest pace in two years, amid expectations of interest rate cuts by the Bank of England.
• Household savings have increased, reaching the highest levels since the Covid-19 lockdowns, as consumers remain cautious despite rising disposable incomes.

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