UK economy grows 0.3% in June as services lead, leaving Q2 growth at 0.4%

The economy grew 0.3% in June, the ONS reported on 13 August, led by a 0.4% rise in services and leaving second-quarter growth at 0.4%. Steadier output eases the pressure on the Bank of England to cut the base rate quickly, and that feeds through to the swap rates which price fixed mortgages. For buyers it points to fixed rates drifting rather than tumbling in the near term, and for sellers it keeps demand dependent on gradual, not rapid, falls in borrowing costs. It is resilience rather than acceleration — annual growth is still a modest 1.1%.