The expansion was faster than the expected growth of 0.3 percent.
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Brexit supporters said the figures backed their argument during the referendum campaign that warnings of a big hit to the economy from a Leave vote were little more than scaremongering.
The Bank cut interest rates to a new record low of 0.25% in August as part of a range of measures created to help boost demand following the vote to leave the European Union, warning that third quarter growth could plummet to 0.1%.
Sterling meanwhile has sunk more than 20 per cent against the U.S. dollar since Britain voted to leave the European Union – a plunge that would typically raise calls for a rate hike to support the currency.
He said it was “bizarre” that the Government had held a referendum “without knowing the terms of our new relationship”.
However, Lane warned the Brexit impact could be felt a lot more over the long-term future.
With the upbeat growth figures published on Thursday, the likelihood of the Bank of England cutting rates as early next week has reduced, say commentators.
However, that increase is above the 0.3-percent mean rise predicted by a poll among economists.
Third-quarter gross domestic product expanded by 0.5 percent in the United Kingdom, the national statistics office announced Thursday while presenting the first quarterly report after Britain’s June 23 vote to leave the European Union.
The former prime minister also called on Theresa May to keep all her options open on the UK’s withdrawal from the EU, including the possibility of staying in the union if public opinion shifts. Just as the government’s short-term predictions proved to be too low, its long-term forecast is also likely to be wrong, they said.
“The issue is not whether we ignore the will of the people, but whether, as information becomes available, and facts take the place of claims, the “will” of the people shifts”.
The boost came from a robust performance from film and TV production, while the release of Ghostbusters, Jason Bourne, The BFG and Star Trek Beyond helped bolster box-office receipts in July.
The data, which did not include details of consumer spending or capital investments, gave investors the first broad insight into whether Brexit-inspired uncertainty was affecting the economy or not. “But, this report isn’t all sunshine and flowers”.
To date, Nissan has invested more than £3.7 billion in Sunderland.
The headquarters of some of the world’s largest banks are located in London, but their future in the capital remains uncertain with the United Kingdom working on a deal to leave the EU.
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Nicola Sturgeon, the head of Scotland’s devolved government, has called for a “coalition” across Britain in support of single market membership, and said that if Scotland’s links to the European Union are not maintained as part of a Brexit deal, then another referendum on Scottish independence is an option.
