UK economy picks up speed as service sector growth hits eight-month high

The Services PMI print today concluded a trifecta of phenomenal PMI figures from the UK this month, posting 7-month highs at 55.1.

The bullish figures from the Services, Construction and Manufacturing sectors, along with GDP beating estimates last week, prove the UK economy is gaining momentum once again.

As a result, the likelihood of the Bank of England raising rates this summer has strengthened, with chances currently sitting over 60% in favour of a hike.

Balraj Sroya quoted in the Guardian

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