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LONDON – Britain's economy grew by 0.2% in August on a monthly basis, preliminary figures published by the Office for National Statistics showed on Friday.
The gross domestic product was in line with the expectations of economists polled by Reuters, who expected growth of 0.2%.
The country's economy stabilized in June and July, after previously recording modest but steady growth in almost every month this year. Britain emerged from a superficial recession at the beginning of the year.
The reading comes as Finance Minister Rachel Reeves is due to present the autumn budget at the end of this month, with tax hikes and spending cuts expected as she tries to overcome an estimated £22 billion ($29 billion) black hole in the finances. Public. The opposition Conservative Party, which led the country until snap elections were held earlier this year, denies the existence of such a gap.
Reeves also hinted that she might change the country's debt rules to free up more money to stimulate investment.
The government said the plans are part of its vision for an era of “national renewal”, as it attempts to inject some optimism into the public psyche after painting a bleak picture of the state of the economy.
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