GDP figure slower than previous quarter but beats expectations thanks to 0.4% expansion in June
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The UK economy grew at a faster rate than expected in the second quarter, official figures show, despite a slowdown from a strong start to the year amid pressure from tax increases and Donald Trump’s global trade war.
Figures from the Office for National Statistics showed growth in gross domestic product (GDP) slowed to 0.3% in the three months to the end of June, down from a rate of 0.7% in the first quarter.
Although beating City forecasts of a slowdown to 0.1% growth, the latest snapshot underscores the challenge for the chancellor, Rachel Reeves, as she considers options for boosting the economy and raising revenues at her autumn budget.
