Data and surveys suggest there has been some recovery in economic activity in the UK during the second quarter. Developments in the consumer sector have been positive, with annual growth in retail sales reaching a 13-month high and the pace of job creation increasing from 1.2% to 1.4% y/y. As such, occupier demand fundamentals appear solid. As a result, although Bank Rate was held steady in June, the chances of an August hike appear to be rising.
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