WASHINGTON: US consumer spending surged in May with the biggest monthly increase in nearly six years — a sign of stronger economic growth ahead. The Commerce Department said on Thursday that consumer spending rose 0.9 per cent last month, up from a revised 0.1 per cent increase in April. May spending registered the biggest gain since August 2009, an indication that the positive impacts from the solid pace of hiring and cheaper gasoline are starting to ripple through the economy. Personal income also increased a healthy 0.5 per cent. The savings rate for after-tax income fell slightly to 5.1 per cent from 5.4 per cent.

UK to privatise GIB

LONDON: Britain announced plans on Thursday to begin selling stakes in its state-backed Green Investment Bank (GIB) to bring it into private ownership and to help it to grow. The bank was created in 2012 by the government to back green energy projects in Britain and to spur private sector investment in the low-carbon energy sector. The move also comes a week after the government said it would scrap all new subsidies for onshore wind farms a year earlier than previously planned. Business Secretary Sajid Javid said the move would give the bank greater freedom to borrow and remove limitations from European Union regulations on state aid and allow the bank to attract more capital.