The latest growth data provided further evidence of a need for a large interest rate hke in May. During the first quarter of this year, the UK economy expanded 0.7 percent, giving an annualized rate of 2.8 percent.
Earlier interest rate hikes have failed to slow economic activity. With inflation significantly above the 2 percent government mandated target, the Bank of England has no option but to hike rates in May. The axeman cometh for the UK housing bubble.
It the end is close.