UK economy rebounds 0.5pc in May

Britain’s economy rebounded in May, official data showed Wednesday, dampening fears of a slowdown despite surging inflation and rising interest rates.

Gross domestic product expanded by 0.5 percent, the Office for National Statistics said in a statement, beating expectations of no growth.

The rebound was driven by a bounceback in construction, manufacturing and services.

That followed a 0.2-percent decline in April, which was revised up from a 0.3-percent contraction.

The Bank of England has hiked interest rates five times since December in a bid to tame runaway inflation, which has sparked a cost-of-living crisis.