City markets were pricing in another interest rate price hike today after stronger than expected economic growth in June sent gilt yields higher.
GDP grew 0.5% in the month, a level not bettered since October 2022, against City forecasts of around 0.3%. Economists said the growth was flattered by a bounce-back from May, which lost a day’s output to the extra Bank Holiday for the King’s Coronation, but nonetheless pointed to a resilient economic performance.
