British economic surge adds in the second-quarter

British economic surge adds in the second-quarter

The UK economy gathered just a little speed during the second quarter after nearly stalling at the beginning of the year, underpinned by the services sector as well as a flourishing film industry, as official figures disclosed on Wednesday.

Surge of 0.3% on the quarter from 0.2% in the first quarter – that’s an outcome, which is likely to cement hopes that the Bank of England will keep interest rates intact next week at their record minimum.

The outcome appeared to be i line with the median prediction in a Reuters survey of financial experts.

The previous year the UK economy gained 1.8%, thus becoming one the fastest of the world's seven key economies, ruining widespread predictions of downtime after the vote to abandon the European Union.

However, the Brexit vote provoked a huge drop in the value of the British pound, which has bolstered inflation, affecting consumers' disposable income.

The services industry turned to be the only driver of economic surge during the second quarter, backed by hotels, restaurants, and retailers, to say nothing of the UK rapidly growing film industry.


British employees will face new hit to spending power in 2018

UK employees are expected to face another hit to their spending power next year, while the vast majority of their peers in the world's other well-developed economies will enjoy small gains, as human resources company Korn Ferry informed on Tuesday…


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