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In the wake of the super-ugly July data from the UK. ICYMI:

• UK July monthly GDP -0.5% vs -0.2% m/m expected

Goldman Sachs cut their forecast:

• Goldman Sachs slash UK 2023 GDP growth forecast to 0.3% from 0.5% previously

JP Morgan also:

• cut their full-year growth forecast for the UK's gross domestic product (GDP) by 20 basis points to 0.4%
• warn of a recession risk