GDP growth up, savings down - papers 1st July

The Scotsman reports the Office for National Statistics yesterday raised its estimates of how fast UK GDP is growing, suggesting the Bank of England may have to revised its outlook for interest rates. New methods for calculating the contribution of the NHS were largely responsible for the changes, the paper says. According to ONS' findings, GDP increased by 3.4% in the first quarter this year. Economists believe the revised figure could force BoE governor Mervyn King to raise his two-year inflation forecast in his next estimates - due in August. OTHER FINDINGS by the ONS were, h...