12 Sep 2022Data published by the Office for National Statistics (ONS) revealed that the UK economy grew by 0.2% in July following a decline in the previous month. According to the data, the services sector was the biggest contributor to economic growth. The ONS found that monthly services output rose by 0.4% between June and July 2022. The data also showed that GDP rose by 0.2% between June and July 2022. However, experts have warned that interest rate rises will adversely affect individuals, despite the government's recent move to cap spiralling energy prices. Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics, commented: 'The main threat to the economic outlook now comes from an excessive tightening of monetary policy, but we think that the Monetary Policy Committee (MPC) will see sense soon. 'Accordingly, we continue to think that a recession will be narrowly avoided over the coming quarters.'