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UK economic growth revised up to 0.7% UK spending grew strongly post-Brexit vote, ONS data shows
(about 1 hour later)
The UK economy grew by 0.7% in the three months to the end of June, up from the 0.6% first estimated. The UK services sector grew 0.4% in July, much more strongly than expected in the wake of June's vote to leave the European Union.
The figures, from the Office for National Statistics (ONS) show economic growth accelerated faster than thought in the run-up to the EU referendum. It shows consumers carried on spending as normal after June's Brexit vote.
Second-quarter gross domestic product accelerated from 0.4% growth in the previous quarter. Other figures from the Office for National Statistics (ONS) show economic growth accelerated faster than thought in the run-up to the referendum.
Other official figures show the UK's services sector grew much more strongly than expected in July. Gross Domestic Product (GDP) grew by 0.7% in the three months to the end of June, up from the 0.6% first estimated.
Consumers carried on spending as normal after the Brexit vote in June. The second-quarter figures were well up from the 0.4% growth of the previous quarter.
ONS statistician Darren Morgan said: "Together this fresh data tends to support the view that there has been no sign of an immediate shock to the economy, although the full picture will continue to emerge."ONS statistician Darren Morgan said: "Together this fresh data tends to support the view that there has been no sign of an immediate shock to the economy, although the full picture will continue to emerge."
The figures will help the Bank of England assess policy when it next meets in November.
It has already cut interest rates since the UK voted to leave the EU and has hinted there could be another one if needed.