By Lucy O’Carroll, Chief Economist — Investment Solutions, Aberdeen
The UK economy has picked up speed heading into the summer months, just as the Monetary Policy Committee (MPC) is about to hold a crucial meeting on interest rates. Earlier in July, the MPC voted unanimously to hold interest rates at 0.5 per cent, where they have been for more than six years, but committee members seem increasingly minded to raise rates. Indeed, had it not been for the turmoil in Greece at the time of the vote, a number might have voted differently. So with the Greek situation in abeyance, could the latest data — showing gross domestic product (GDP) expanding by 0.7 per cent in 2015 Q2, up from 0.4 per cent the previous quarter — bring a rate rise nearer?