UK economy grew 0.6% between January and March, ONS says
The United Kingdom's economy grew by 0.6% in the first quarter, according to the Office for National Statistics. Services drove the expansion, while industrial output remained in contraction territory.
The United Kingdom's economy grew by 0.6% between January and March, ahead of market expectations, the Office for National Statistics said. The ONS reported a 0.3% expansion for the month of March alone. Services were the main driver, while industrial output recorded a small contraction.
The figures land as the chancellor's spending plans and the Iran war's pressure on energy prices dominate the political debate. Economists warn that momentum may ease in the second quarter. The Bank of England is closely watching services inflation as it shapes its rate path.
The pound edged higher against the dollar after the release. Gilt yields remained elevated under the weight of political uncertainty and borrowing costs. The government reiterated that short-term fiscal targets will be met.
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