UK GDP Growth Rate Prel (Q2 YY) 1.2% vs. Exp. 1.1% (Prev. 0.9%)

A beat on the headline with a sizeable upward revision to the prior quarter is the more constructive configuration: revisions of that kind tend to matter more than the marginal surprise itself, since they change the base from which the current print is measured and typically force upgrades to full-year forecasts across the street. For UK data specifically, the transmission has run through the front end of the gilt curve and SONIA pricing, with a firmer growth print reducing the space the MPC has to ease, particularly where the Bank has framed its decisions around spare capacity and demand-side disinflation. Preliminary GDP in the UK is notable for being released earlier than in most G10 peers, and first estimates have historically been revised, sometimes materially, so the market has tended to trade the direction of the surprise and fade extremes once the second estimate and the monthly output breakdown arrive. The composition is what separates a durable read from a noisy one: consumption- and investment-led growth carries different implications for the policy debate than a print flattered by government spending, inventories, or net trade. The immediate follow-ons are the monthly GDP detail, any accompanying revisions to the expenditure components, and how the print shifts the language of MPC speakers ahead of the next decision.