Economic Growth

Part of Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 18th July 2017.

Alert me about debates like this

Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 12:00 am, 18th July 2017

Short-term indicators of growth are volatile. Quarterly growth was 0.2% in the first quarter of this year, but this followed strong growth of 0.7% in the quarter before. The underlying economy is robust, thanks to record employment levels. Although a recent rise in inflation, caused mainly by the depreciation of sterling last year, may temporarily dampen consumer spending—today’s inflation figure for June is a little lower at 2.6%—there are signs from surveys of business that export orders and business investment intentions are up.