Economics
U.K. Growth Rebounds From Bleak Winter, Consumer Spending Jumps
- BOE expected economy to strengthen after weak first quarter
- Brexit remains the big unknown for companies, consumers
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The U.K. economy is bouncing back from a near standstill in the first quarter and a summer boost to consumer spending is supporting the pickup.
Gross domestic product product increased 0.2 percent in the three months through May, the Office for National Statistics said in its first publication of rolling monthly growth figures. In May alone, output gained 0.3 percent, while a report from Barclaycard showed household spending rose at the fastest annual pace in more than a year in June.