It was pleasing to see the UK produce a modest 0.2% growth in August. This was despite the dreary weather, which appears to have affected construction and consumer services. Growth was in line with consensus forecasts, which called for around 0.2% growth. On a quarterly basis, the economy remains in the slow lane, with GDP up 0.3%.

Whilst growth may be nothing to write home about, the economy does appear to be shaking off fears of a looming recession. Forecasters have long predicted a recession that has yet to arrive. The economy may continue to find a way to muddle through, despite the weather.