Britain's economy grew more than initially estimated in the second quarter, revised data showed Wednesday, offering a boost to Prime Minister Andy Burnham ahead of next month's annual budget update, AFP said. Gross domestic product increased 0.5 percent in the April-June period, up from a first estimate of 0.4 percent, the Office for National Statistics said. The figure still marked a slowdown from the 0.6 percent expansion recorded in the first quarter. "Stronger services growth in the latest quarter means the economy is now slightly larger than previously estimated," ONS director of economic statistics Liz McKeown said in a statement. Burnham, who has made easing the cost of living a key focus for his Labor government, has set the stage for difficult decisions to be made in the October 28 budget presentation. With inflation rising and government bond yields reaching multi-decade highs this month, Finance Minister John Healey, who will unveil the budget, has pledged to maintain strict fiscal discipline. "Growth has come in marginally better than initially expected, but it remains difficult to come by as households and businesses contend with high borrowing costs, inflationary pressures and a cooling labor market," said Richard Carter, head of fixed interest research at Quilter Cheviot. He noted that since the second quarter, "the outlook has become more uncertain" following a recent surge in energy prices and borrowing costs.
