UK economy contracts by larger-than-expected 0.5% in July - ONS

British economic output contracted by a larger-than-expected 0.5% in July, figures from the Office for National Statistics showed on Wednesday, marking the biggest drop this year.

A Reuters poll of economists had pointed to a contraction in gross domestic product (GDP) of 0.2% from June. All major sectors of the economy - services, manufacturing and construction - declined in July, the data showed.

Wednesday's data do not include recent, substantial upward revisions

to the performance of Britain's economy up to the end of 2021.