How British fog is hurting the economy

How British fog is hurting the economyStrikes by teachers and NHS workers, coupled with summer rains, have blighted the Kingdom's statistics for July. The wet weather also hit the construction and retail industries, causing the economy to contract by 0.5%, according to the Office for National Statistics (ONS).The latest figures from ONS were worse than expected and continue the trend of weak economic growth. The data represents one of the fastest estimates of GDP for the world's major economies and is released approximately 40 days after the quarter under review.Inflation fell to 6.8% in the 12 months to July, but the level is still more than three times the BOE's target of 2%.British households are struggling with rising prices on everything from food to energy, and average wage growth has just caught up with inflation for the first time in almost two years.Interest rates are at their highest levels in 15 years and borrowing costs have risen sharply. Those who decide to take out large loans, such as a mortgage, actively reduce other expenses, and industry statistics confirm this.Chancellor Jeremy Hunt considers the negativity uncritical and is confident that the British economy is much more optimistic than the German, French or Italian. Despite this, he expects the BOE to raise interest rates again next Thursday from 5.25% to 5.5%.Only about 60% of the ONS report's data is available so far, and it will all be scrutinized as carefully as meteorologists scrutinize their weather maps. So as more information becomes available, British officials will become less optimistic.Profits to yall!#ForexChief #ONS #gbp #Market #forexnews #boj #worldnews #BOE