UK Economy Surges in May, Driven by Spending
UK Economy Surges in May, Driven by Spending
UK Economy Surges in May, Driven by Spending
News summary

The UK economy experienced stronger-than-expected growth in May, with GDP increasing by 0.4% after a flat April, according to the Office for National Statistics (ONS). This growth was driven by a rebound in consumer spending and a significant rise in construction activity, which saw its fastest expansion in nearly a year. Economists had predicted a more modest growth of 0.2%. The positive economic performance comes as a boost to the newly elected Labour government, which has prioritized economic recovery. Chancellor Rachel Reeves has vowed to make economic growth a national mission, aiming for the highest sustained growth in the G7. Inflation has also returned to the government's 2% target, potentially leading the Bank of England to cut interest rates soon, offering relief to households facing high mortgage costs.

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71639883-fbbd-48af-8cc3-393f63e7b2efa3544a73-dab3-486d-ae75-bd4d15f01f557684cee2-ff92-4e65-86b5-bfb0b188107d
Left 33%
Center 67%
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Last Updated
45 days ago
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