There was good news for the UK economy this week, which grew faster than expected in May. Although a lagging indicator, it was good all the same to see an expansion of 0.4% posted, double the consensus forecast of 0.2%.

In the UK there has been one focus only this week and that is on the General Election. The result is now in and is very much in line with expectations

This was a much quieter week in terms of economic data being released. In the US the focus was on the PCE (personal consumption expenditures) index, being the US Federal Reserve’s (the Fed) preferred measure for inflation

Ready, steady, not quite yet. This week saw the Bank of England meet to set interest rates. Unlike the European Central Bank, Canadians or Danes, they weren’t quite ready to cut interest rates, and held at 5.25% as forecast.

This week we saw two western central banks take the plunge and cut their interest rate. First up we had the Bank of Canada, who beat their southern neighbours to the table and reduced by 0.25% to 4.75%.

There can be little doubt that the story of the week was the decision to call a UK general election for the 4th July. Between now and then we will hear from each party their stance regarding policy.