The growth of the UK economy could lead to a rise in interest rates, it has been claimed.Research from the Office for National Statistics has revealed that the economy grew 1.1 per cent in the second quarter of the year – almost double the forecast rate of 0.6 per cent.It represents the fastest growth over a three month period since 2006 and was a significant increase compared to the 0.3 per cent growth recorded in the first quarter of the year.Much of the growth came from the expansion of business services, as well as the development of the finance and construction industries.Simon Ward, financial expert at moneymovesmarkets.com, claimed the figures support Andrew Sentance's calls for a rise in the base rate.He wrote on the website: "The 'MPC [Monetary Policy Committee] -ometer' model discussed in previous posts, indeed, suggests that interest rates would now be rising, if the Committee were responding to economic and financial data in the same way as in the past."MPC member Andrew Sentance recently requested a 0.25 per cent rise in interest rates.Posted by Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers
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