FLASH: UK GDP acceleration leaves BoE on track
- UK GDP growth increased to 0.4% q-o-q in the ONS’s first estimate of Q2, in line with my forecast but 0.1pp above the consensus. Services didn’t grow as fast in August, but the July fall was trimmed along with volatility around the post-Brexit trend.
- This outcome exceeded the BoE’s forecast from August but was probably in line with what they expected ahead of the release. It at least presents no reason to abort the rate hike widely expected for November, including by me.
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