Economic week ahead

After a disappointing growth reading for May, the stage is set for a slightly cooler second-quarter GDP reading than had been expected. Still, growth is expected to be solid overall, with the pieceby-piece UK reopening providing a steady stream of stimulus to output.

Investec economists expect the pace to have picked up slightly during June, with estimated monthly expansion of 0.9pc, versus May’s 0.8pc. That’s obviously a fairly narrow difference but suggests that momentum is building. Some areas continue to be of concern: in particular, the industrial sector is still being blighted by car producers, which are suffering a severe fall in output spurred by chip shortages and other supplychain issues.

Other areas may be stronger: the weather was good in June across much of the UK, which is likely to have coaxed out many people who remain cautious as hospitality reopened in the previous two months. It’s worth noting that future revisions are likely due to the current disruption.