Economics
U.K. Services Growth Unexpectedly Jumps as Economy Picks Up
- PMIs suggests the British growth rate doubled to 0.4% in 2Q
- Data reinforces BOE expectations for rebound after bad weather
Photographer: Simon Dawson/Bloomberg
This article is for subscribers only.
The U.K.’s dominant services sector grew at the fastest pace in eight months in June, driving a bounce back in the nation’s economy and boosting the case for a Bank of England rate increase as soon as next month.
The unexpected gain in the gauge of activity followed reports this week showing faster growth in manufacturing and construction. IHS Markit, which publishes the surveys, said they suggest U.K. economic growth doubled to 0.4 percent in the second quarter.