UK second-quarter GDP growth confirmed at 0.6%

UK gross domestic product growth was confirmed at 0.6% for the second quarter, according to the second estimate from the Office for National Statistics.

The economy had grown by 0.4% in the previous quarter.

On the year, growth was confirmed at 2.2%, compared to 2% in the first quarter.

Mike Read, co-founder of app-only trading network Pelican, said: “Those who feel the Bank of England were too quick to cut interest rates earlier in the month will now have all the more reason to grumble following today’s positive GDP figures.

“Despite the near universal agreement that the British economy would suffer significantly in a post-Brexit climate, June’s extraordinary retail sales figures coupled with today’s GDP data paint a slightly rosier picture.”