Data from the Office for National Statistics (ONS) showed that GDP was up by 0.4% in the month boosted by a big bounce back in construction output, which had been depressed by prolonged wet weather earlier in the spring.
The robust data means that City markets now see another hold in rates at the current level of 5.25% as the slightly more likely outcome when the Bank’s Monetary Policy Committee (MPC) meets on 1 August.
That is a turnaround from earlier this week when they had ranked the chances of a cut at 60/40.
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Esta historia es de la edición July 11, 2024 de Evening Standard.
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