British economy shows acceleration

Britain's economy speeded up in the second quarter amid strong household spending, with overall growth an unrevised 0

Britain's economy speeded up in the second quarter amid strong household spending, with overall growth an unrevised 0.9 per cent over January-March, official data showed this morning.

The Office for National Statistics said that compared with an also unrevised 0.7 per cent growth in the first quarter.

The data show an economy that is still being propelled by robust consumption and government spending and will do little to dispel expectations that the Bank of England will raise interest rates again later this year.

Financial markets shrugged off the data as they came in line with expectations. The ONS said the annual growth rate remained unrevised at 3.7 per cent, the highest since the third quarter of 2000.

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"It is just a reminder that UK rates still have to go higher," said Mr David Brown, economist at Bear Stearns in London.

Household spending rose a robust 1.1 per cent, the highest quarterly rate since the third quarter of 2001, as people spent money on household goods and services, clothing and footwear.

"At 1.1 per cent on the quarter, this is a storming number. I don't think it will be maintained in Q3, but it is still likely to be strong," said Mr Brian Hilliard, economist at Societe Generale in London.

Household consumption in the first quarter, which economists and policymakers have viewed as surprisingly weak given the strength of other measures of the consumers at that time, was left unrevised at 0.6 per cent quarter on quarter.
    
The figures also showed the strong boost that government spending continues to give to economic growth. Government spending grew by 1.0 per cent in the second quarter, down slightly from 1.2 per cent quarter-on-quarter growth in the first three months of the year.

But compared with a year ago, it was up 6 per cent, the biggest rise since the first quarter of 1975, when it was up 8.5 per cent.