FX.co ★ UK growth figures boost expectations for BoE’s August rate hike

According to a report showed on Tuesday, the British economy expanded by 0.3% in May. In this regard, the country’s central bank could raise its benchmark interest rate.

The Office for National Statistics said that the UK’s gross domestic product increased by 0.3% on a monthly basis compared with a 0.2% increase in April.

The latest release by the ONS marks the launch of the new model for publishing gross domestic product. The growth rate is calculated based on April and May 2018 data, instead of figures for a quarter. The changes will mean quicker estimates of the economic growth, but the report's indicators can still be revised.