UK economy grew faster than expected in May, boosted by strong performances in retail and construction.
After a stagnant April due to bad weather, the economy expanded by 0.4% in May, with construction seeing its fastest growth in nearly a year.
This unexpected growth has implications for the Bank of England’s upcoming decision on interest rates, with analysts suggesting it might delay a rate cut originally anticipated for August.
Despite concerns over inflation, which recently eased to the Bank’s target of 2%, the robust economic growth in May indicates resilience and potential stability in the UK economy.
Credit : BBC
https://www.bbc.com/news/articles/cp682nprlw7o