LONDON, July 13 ― Britain's economy rebounded in May, official data showed today, dampening fears of a slowdown despite surging inflation and rising interest rates.
“Health was the biggest driver, with many more people seeing GPs, despite test and trace and the vaccination programmes winding down,” added Morgan. The Bank of England has hiked interest rates five times since December in a bid to tame runaway inflation, which has sparked a cost-of-living crisis in Britain.
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