The UK economy saw unexpected growth of 0.1% in August, according to the latest GDP data. This figure exceeded expectations, as economists had predicted a 0.1% contraction for the month.
This growth contributes to a 0.7% expansion over the last quarter, marking the fastest quarterly growth since the three months to May. Computer programming was identified as the largest contributor to this growth.
Chancellor John Healey, currently in Bangkok for the IMF/World Bank meetings, welcomed the IMF's endorsement of the UK's fiscal policy. IMF Managing Director Kristalina Georgieva had previously encouraged the government to "stay the course" on Wednesday.
Analysts suggest that August's upbeat figures may strengthen the case for the Bank of England to raise interest rates at its next meeting in November, with money markets indicating a nearly 93% chance of such a hike.