UK income growth revised upwards as markets hail ‘resilient’ economy
The UK's Office for National Statistics revised second-quarter GDP growth upward to 0.5%, signaling economic resilience. Household income growth also saw an increase, providing a positive backdrop for the government ahead of the upcoming budget.
Why it matters
Stronger-than-expected economic data bolsters the government's fiscal position and suggests the UK economy is performing better than previously estimated amidst global instability.
The ONS said the Britain’s GDP rose by 0.5% in the second quarter. Photograph: Vuk Valcic/SOPA Images/Shutterstock The ONS said the Britain’s GDP rose by 0.5% in the second quarter. Photograph: Vuk Valcic/SOPA Images/Shutterstock Economics UK income growth revised upwards as markets hail ‘resilient’ economy Boost for John Healey before budget as GDP figure shows UK economy grew faster than first estimated in second quarter
Prefer the Guardian on Google UK household income grew at a stronger pace than previously estimated during the first six months of the year, according to revisions of official data.
The rise in income per head to 1.1% between January and June followed an increase in the level of economic growth that illustrated the resilience of the UK economy since the outbreak of hostilities in the Middle East more than seven months ago.
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