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Economic summary

United Kingdom

Unemployment dropped to 4.6% in mid-May, its lowest level since 1975, as the proportion of men and women aged 16 to 64 in work rose.

GDP growth for Q1 was revised down by the ONS from 0.3% to 0.2% as household spending slowed.

The Bank of England voted seven to one to maintain interest rates at 0.25% at its May meeting, with only Kristin Forbes advocating a hike of 25 basis points.

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