UK GDP Growth Rate Final (Q2 QQ) 0.5% vs. Exp. 0.4% (Prev. 0.6%)

The more informative element is the downward revision to the prior quarter, which reframes the growth trajectory even as the headline surprises to the upside, and episodes of this kind have tended to leave the net signal ambiguous for gilts and sterling. The transmission channel, where there is one, runs through the rate path: upside growth surprises at the margin reduce the urgency of easing, though a single final print has rarely shifted the Bank of England's reaction function absent corroboration from wages and services inflation. The detail worth parsing is the composition, consumption versus inventories and net trade, since domestic-demand-led strength carries more weight with the MPC than headline volatility. The follow-ons are the monthly GDP prints and the next labour and CPI releases, which have historically done the actual repricing of the policy path.