UK economy grows 0.3% in January, beating forecasts

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Reuters UK

LONDON (Reuters) -British economic output rose by a better-than-expected 0.3% month-on-month in January, according to data on Friday that could bolster investors’ bets that the Bank of England will raise interest rates again this month. A Reuters poll of economists had pointed to growth of 0.1%. The pound rose against the U.S. dollar and euro on the back of the figures, which showed growth was powered by the services sector – although much of it due to a one-off bounce in the education sector. The manufacturing and construction sectors contracted, the Office for National Statistics said. “In t…

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