This month’s Economic Review includes:

• Following its latest meeting the Monetary Policy Committee (#MPC) voted by a 7-2 majority to raise Bank Rate by half a percentage point. This was the 13th successive increase taking rates to 5.0%, their highest level for 15 years.
• Figures published last month by the Office for National Statistics showed that average weekly earnings excluding bonuses rose at an annual rate of 7.2% in the three months to April. This was up from the 6.8% recorded in the previous three-month period.
• According to the Office for National Statistics, sales volumes grew by 0.3% in May, exceeding economists’ expectations of a small monthly decline.
• The latest gross domestic product figures revealed that the UK economy grew by 0.2% in April, following a fall of 0.3% in March. The Office for National Statistics said retailers and the film industry, along with strong trade in bars and pubs were the main drivers of growth, outweighing contractions in both the manufacturing and construction sectors.