UK economy copes well with Platinum Jubilee hit

The UK economy is estimated to have contracted by 0.6% in the month of June, after 0.4% growth in May. A dip in output was to be expected given the extra bank holiday to celebrate Her Majesty the Queen’s Platinum Jubilee. However, consensus expectations were too pessimistic, forecasting a contraction of -1.3%, which would have been more in-line with past Jubilees. This piece looks at why this may be the case.