UK economy grows 0.7% in Q2
The ONS downwardly revised the country’s business investment growth to 1.6% from 2.9% in the second quarter while the data also showed that exports rose 1.9% in the same period.
Meanwhile, the UK may increase interest rates on the back of the ongoing expansion in the economy, although the country’s current inflation rate is still below the Bank of England’s (BOE) target of 2%. According to the BOE, the UK may increase rates in the second quarter of next year; however for now, concerns about the persistently slowing Chinese economy and the tepid global recovery are encouraging the bank to keep rates at a record low of 0.5%.
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