J. Safra Sarasin analyst Thomas Watts said UK GDP rose 0.1% MoM in May, a figure
he called partly smoothed. Services were the sole major driver, up 0.3%, while
industrial production and construction contracted. GDP for the three months to
May was up 0.7%. Watts warned the data underline fragile business confidence and
said the person set to succeed Reeves as chancellor (widely expected to be
Shabana Mahmood) should handle the hard-won gains cautiously.
