British services industry recorded the quickest growth from October 2017, lifting the possibility of a prompt interest rate hike. The IHS Markit/CIPS PMI says that activity grew further from May’s 54 to 55.1 in June.
The data supports other indicators suggesting that the economy was recovering in the April-June period, said Chris Williamson of IHS. This paves the way for a rate increase in the coming month, he added.
British GDP added 0.4% during three months prior to June, whereas January-March saw it grow by only 0.2%, IHS Markit analysis shows.