The UK economy grew by 0.4% in May

The UK economy grew faster than expected in May thanks to strong results from retailers and the construction industry, the BBC reported.
The economy grew by 0.4%, according to the Office for National Statistics (ONS), recovering from zero growth in April when wet weather put off buyers and slowed construction projects.
Construction expanded at its fastest pace in nearly a year in May, with housing construction and infrastructure projects boosting the industry.
The question of how to increase the growth of the UK economy was one of the key battlegrounds during the last general election.
SNC's Liz McKeown said many retailers and wholesalers "had a good month, both recovering from a weak April".
The services sector, which dominates the UK economy and includes businesses such as hairdressing and hospitality, rose 0.3% in May, while the construction sector jumped 1.9%.
The new Labor government announced a number of measures aimed at improving growth.
Chancellor of the Exchequer Rachel Reeves said house building targets would be restored, planning restrictions would be reviewed and the effective ban on onshore wind farms in England would be ended.
A new National Welfare Fund has also been announced to attract investment in infrastructure and green industry.
Economists caution against placing too much importance on changes in economic activity within a month, as they can be influenced by factors such as the weather.
In the three months to May 2024, GDP grew by 0.9% compared to the previous three months.
This was the fastest pace in more than 2 years, the SNC said, helped by strong growth in the services sector.
Analysts said the stronger-than-expected growth could reduce the Bank of England's chances of cutting interest rates at its meeting next month.
There were hopes that interest rates would be cut from a 16-year high of 5.25% when the Bank meets on August 1.
The bank raised interest rates to slow the pace of inflation. However, the latest inflation data showed that it has eased to the Bank's target level of 2%.
However, two members of the Bank's Monetary Policy Committee (MPC), which sets the level of interest rates, said they remained concerned about continued inflationary pressures. | BGNES