Commenting on today’s GDP data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:
“The UK economy was firing ahead in the lead up to the referendum, but not quite on all cylinders. While household spending remained the major growth driver businesses also didn’t let the referendum get in the way of capital expenditure plans, with business investment returning to growth after a weak start to the year. However, the familiar story of net trade dragging on growth surfaced again.
“This quarterly growth rate is likely to be a high point this year, but Sterling’s plunge could see net trade finally coming to the party in the second half counteracting some Brexit-related weakness in business investment.”