“These figures point to a resurgent first quarter for the UK economy, even though declining manufacturing production helped cause growth to moderate in March.
“The notably positive first quarter is more likely a reflection of temporary factors, such as some businesses bringing forward activity ahead of the original US tariffs taking effect, than the economic reality on the ground.
“This robust quarterly reading is probably the pinnacle for economic growth this year, with activity likely to slow sharply going forward as tax and tariff rises and global uncertainty bite, despite potential boosts from government and consumer spending.
“The upbeat first quarter GDP data may delay the next UK interest rate cut by giving those policymakers still fretting over inflation enough reassurance over economic conditions to put off authorising another policy loosening.”
ENDS
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