The UK's inaugural release of monthly GDP showed growth in May rose to 0.3% m/m as expected, following a healthy 0.2% monthly gain in April, notes the research team at TD Securities.

Key Quotes

“This monthly GDP series complements the other monthly activity released today, which showed monthly growth in manufacturing at 0.4%, construction at 2.9%, and services at 0.3%. Today's data confirms that the UK economy rebounded in Q2, and should comfortably set up the MPC for an August hike to Bank Rate, despite this week's political turmoil.”