Gold and bitcoin surge after US bond market selloff; UK economy on ‘firmer footing’ - as it happened

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Economists are also taking heart from the PMI survey, which will come as a welcome positive sign after the less-than-ideal public finances data earlier this morning.

Jake Finney, a senior economist at PwC, said:

The latest PMI data provides increasingly encouraging signs that the economy is finding firmer footing.

The composite index has now been solidly in expansion territory for two consecutive months, suggesting that the economy is moving beyond the soft patch seen earlier this year and pointing to reasonably strong growth in Q3.”

So far, the economy has proven more resilient than expected, but it is important to bear in mind that we are still a long way away from rip-roaring growth.”