The UK economy has experienced its most rapid contraction in seven months

This is due to strikes and wet weather

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In July, the U.K. economy contracted by 0.5%, falling short of the predicted 0.2%

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This decline reflects the ongoing economic challenges in the context of higher interest rates

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Despite this, economists anticipate that the Bank of England will proceed with one more interest rate hike in September

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This sudden dip in July marked the fastest pace of economic contraction since December

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Goldman Sachs lowered its annual growth projection from 0.5% to 0.3%

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JP Morgan reduced its forecasts for both 2023 and 2024, from 0.6% to 0.4% and from 0.4% to 0.2%, respectively

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