Growth Rate: Interest Rates and Threadneedle Street

growth rate: The better news for the economy came after the Bank of England raised interest rates to 0.75% last week, their highest level since the financial crisis a decade ago, according to The Guardian. Threadneedle Street had forecast an average growth rate of about 0.4% in the second quarter. The Office for National Statistics ONS said GDP increased by 0.4% in the second quarter from a rate of 0.2% in the previous three months, helped by stronger retail sales and good weather, which enabled the construction industry to make up lost ground from heavy snow earlier this year. UK GDP graph Philip Hammond, the chancellor, said Brexit uncertainty was depressing economic growth, as he used a trip to West Midlands on Friday to unveil 780m of new funding for high-tech industries. John McDonnell, the shadow chancellor, said austerity under the Conservatives had created an economy unable to cope with the instability brought about by the Tories' mismanagement of the Brexit negotiations . Service industries experienced robust growth of 0.5% in the second quarter, with the retail and wholesale sectors providing the strongest contribution, helped by the warm weather tempting shoppers back to the high street. We are working hard to build a stronger, fairer economy dealing with the deficit, helping people into work, and cutting taxes for individuals and businesses, he said. (news.financializer.com). As reported in the news.