UK economic growth revised higher as recovery boosts incomes

The UK economy grew faster than previously thought in the opening quarter of the year. Gross domestic product rose 0.4% in the first three months of the year, revised up from a prior estimate of 0.3%. The upward revision will mean the hawks at the Bank of England will pile more pressure on the other policymakers to consider hiking interest rates, especially as robust economic growth is now being accompanied by stronger pay pressures and rising incomes.