Rishi Sunak must put his fears about borrowing to one side

UK GDP lost momentum in September and necessary lockdowns will create further problems. James Moore explains why Sunak must be cautious about withdrawing his support too quickly

Chancellor Rishi Sunak must continue to support the economy   (PA)

Behind the headline figure showing that the UK economy grew by 15.5 per cent between July and September lies an uncomfortable truth.

The peak of the “bounce back” following the second quarter’s record 19.8 per cent contraction was lower than the City’s hopes and has left the economy a long way short of its pre-pandemic level. It is 8.6 per cent smaller than it was in January.

The bouncing ball looks almost certain to head down again with England in lockdown, Scotland operating tiered restrictions, Northern Ireland extending its restrictions and Wales only just easting out of them. A double dip downturn is on the way.