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UK GDP Growth For Quarter 2 at 0.7%

28.07.15

Bang in line with expectations, we have just seen the latest  Q2 GDP figures which show that the UK economy grew by 0.7%, following on from a 0.4% growth in Q1.

Services and production led the way, growing 0.7% and 1% respectively, though disappointingly construction growth was flat.

These figures are 2.6% higher than the same quarter last year.

Andrew Montlake, Director at Coreco Mortgage Brokers commented, “Whilst these figures were bang on expectations, it was disappointing to see construction once again struggling, especially when we need a strong construction sector to, amongst other things, help build the number of homes required to meet demand in the UK.

“Overall however, this growth will put more pressure on the Bank of England’s Monetary Policy Committee, (MPC) to at least start the engine in preparation for interest rate rises in the near future. The next MPC meeting will be very interesting.”

The full GDP figures are here.

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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