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Rates likely to be held

UK economy grows at ‘sluggish’ 0.3%

The UK economy grew by 0.3% in the three months to June, according to official data.

The Office for National Statistics said the growth was driven by services, particularly retail and the film industry.

The rise in growth is likely to mean the Bank of England will keep interest rates at their current record low when the monetary policy committee meets next week.

Rain Newton-Smith, CBI Chief Economist, said:Economic growth has remained sluggish in line with our expectations.

“We expect growth to remain lukewarm over the next couple of years, so providing businesses with certainty and stability has never been more important.

“A limited transition period as we leave the EU where the UK stays in the single market and a customs union until a final deal is in force, would help create a bridge to a new trading arrangement.

“It would give businesses the confidence they need to invest, expand and create jobs.”

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