UK GDP grows 0.7% in second quarter

UK Q2 GDP figures were released today, the results showed the UK economy expanded by 0.7% in line with market predictions. This has been seen as an improvement on the 0.4% growth figure for Q1. Whilst the bulk of the growth came from the services sector the Mining sector also gave the strongest relative performance since 1989. Disappointing sectors were in construction and manufacturing that remained flat and fell off respectively. This figure has been seen as return to normality with GDP now 5.2% higher than its pre downturn peak. GBP strengthened off the back of the data as traders became confident a UK rate rise is now firmly on the horizon.