UK GDP beats expectations to rise 0.6% in Q2

Position of strength ahead of Brexit

UK GDP grew by 0.6% in the second quarter of 2016, higher than analyst expectations of 0.4% for the period covering the vote to leave the EU, according to the Office for National Statistics.

In the preliminary estimate today, the ONS said today's figure for the three months to the end of June is an increase on the 0.4% growth during the first quarter of the year, and a 2.2% increase year-on-year. Although the period only includes data up to one week after the referendum, it indicates the country approached Brexit from a period of relative strength. There have now been 14 consecutive quarters of positive GDP growth. Chancellor Philip Hammond said the figures indicated "the fundamentals of British economy are strong" and reiterated the government would do "whatever action i...