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The UK economy experienced a recession in July, recording zero growth, as consumers and businesses faced pressures from increased taxes and tariffs.

According to data released today (Friday) by the Office for National Statistics, gross domestic product remained unchanged, resulting in zero growth for the country, as expected, after a growth of 0.4% in June.

Companies are currently under pressure due to increased payroll taxes and the minimum wage that came into effect in April, while consumers are preparing for further tax increases in the budget.

This aligns with the view of Deutsche Bank's chief economist Sanjay Raja, who stated this week: "After unexpectedly strong performance in the second quarter, the UK achieved the fastest growth rate among G7 economies; all signs indicate a slowdown in economic activity in the second half of the year," according to CNBC.