UK income growth revised upwards as markets hail ‘resilient’ economy
Summary
UK household incomes grew faster than first thought in the first half of the year, helped by stronger economic growth. The UK economy grew by 0.5% in the second quarter, matching the US growth rate, and businesses increased their investments.Key Facts
- UK household income per person rose by 1.1% between January and June 2024.
- The UK economy grew by 0.5% from April to June, revised up from 0.4%.
- UK economic growth in the first quarter was 0.6%.
- Business investment rose by 1.8% in the second quarter and was 5.2% higher than the same quarter last year.
- The savings rate increased slightly from 8.6% to 8.8% in the second quarter.
- The UK currency (sterling) reached a six-week high against the euro and a one-week high against the US dollar.
- UK government bond yields fell slightly on the positive economic news and lower oil prices.
- Inflation stands at 3.1%, above the Bank of England’s 2% target, which may lead to higher interest rates.
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