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U.K. Quarterly Economic Growth Unexpectedly QuickensJennifer RyanJuly 20 (Bloomberg) -- U.K. economic growth unexpectedly quickened in the second quarter as manufacturing rebounded, evidence that higher interest rates have yet to cool expansion. Gross domestic product increased 0.8 percent, compared with 0.7 percent in the first quarter, the Office for National Statistics said today in London. The median forecast in a Bloomberg News survey of 36 economists was 0.7 percent. The annual growth rate was 3 percent, the same as the previous three months. Today's report, the first for second-quarter growth among the Group of Seven countries, may bolster the case for the Bank of England to keep raising the benchmark rate after five increases to 5.75 percent. The economy has now expanded for 60 quarters, driven by a boom in London's financial services industry. This won't make for comfortable reading for the Bank of England,'' said Richard McGuire, an economist at RBC Capital Markets in London. ``We see little sign that the central bank's tightening is starting to weigh. The door is open to another rate rise in September.'' Investors are betting that the bank's benchmark rate will climb to at least 6 percent this year after inflation stayed above the target for a 14th month in June, when consumer prices increased 2.4 percent from a year earlier. The implied rate on the December futures contract was unchanged after the report at 6.28 percent. The contract settles to the three-month London interbank offered rate for the pound, which averaged about 15 basis points more than the central bank benchmark for the past decade. Source: http://www.bloomberg.com/ apps/news?pid=20601102&sid=aXUKGAfMTf84&refer=uk
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