Britain's Economy Surges 0.4% in July Despite $105 Oil

Britain's economy experienced a surprise boost in July, expanding by 0.4% according to official data.

This growth surpassed economists' forecasts of no change from June, marking a second consecutive month of firmer activity as Bank of England Governor Andrew Bailey described it.

The uptick is tempered by the rising cost of energy, particularly oil prices which have surged above $105 a barrel due to the US-Iran conflict.

While the UK may have avoided the worst of the initial shock, pricier oil tends to filter into everyday costs through fuel, transport, and business expenses, potentially pushing up inflation and government borrowing costs.