According to operational data from the Office for National Statistics, published on Friday, the British economy grew by 0.2% in August compared with the previous month. After stagnating in June and July, following modest but steady growth at the beginning of the year, the UK emerged from a mild recession earlier this year. The release of economic growth data coincided with the upcoming autumn budget, which Treasury Secretary Rachel Reeves will present at the end of the month. The budget, expected by many, will include tax increases and spending cuts aimed at eliminating the estimated deficit in public finances, estimated at 22 billion pounds ($29 billion). However, the Conservative Party, which ruled the country before the snap elections, denies there is a deficit. Reeves also did not rule out the possibility of revising the rules on the country's debt obligations in order to attract more investment. The government claims that these measures are part of its «national renewal» program aimed at restoring optimism in society after warnings about the state of the economy.
