Any sudden changes to the economy could influence the Bank's interest rate decision next month
Gross domestic product figures on Thursday showed that value of goods and services produced rose by 0.2 per cent in August, compared to a 0.6 per cent drop in July, according to the Office for National Statistics. While it means the UK may be heading away from recession this year, it also means that interest rates may also be affected.
ONS director of economic statistics Darren Morgan said: “Our initial estimate suggests GDP grew a little in August, led by strong growth in services which was partially offset by falls in manufacturing and construction. Within services, education returned to normal levels, while computer programmers and engineers both had strong months.”
However, Mr Pugh noted that underlying growth has remained flat which may influence the Bank's decision next month. Any serious growth though may strongarm them into raising interest once again.
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