UK economic growth up in first quarter of 2019
The UK posted 0.5 per cent growth in the first quarter of 2019 the ONS confirmed today.
These results were an increase from the 0.2 per cent growth in the final quarter of 2018.
The ONS confirmed that manufacturing was a driving force behind the increase with a number of firms stockpiling materials ahead of Brexit.
In light of the results, Chancellor Philip Hammond said: "The economy has grown for nine consecutive years, debt is falling, employment is at a record high and wages are rising at their fastest pace in over a decade."
The manufacturing sector grew in the first three months at its fastest rate since 1988, while the pharmaceutical industry also grew by 9.4 per cent in the same time period.
In comparison to the same period last year, GDP grew by 1.8 per cent rather up from 1.4 per cent.
In response, Ian Forrest, investment research analyst at The Share Centre, said: “The overall figure was largely as expected by the market and sterling did not react significantly in response.
"The FTSE 100 and 250 indices rose modestly in what was clearly a cautious welcome to the numbers, but they remain relatively good value.
"While it is good to see the economy growing despite all the uncertainty around at present the market is still conscious of the hawkish comments made by the Bank of England’s Monetary Policy Committee at its latest meeting when Mark Carney said he expected interest rates to rise more than the markets were anticipating.”