26 Oct UK Economy grows faster than expected
Britain’s economy grew twice as fast as expected in the third quarter of this year, easing fears the recovery is faltering and dimming the chance of more quantitative easing from the Bank of England.
The Office for National Statistics said Britain’s economy grew 0.8% between July and September, down from the 1.2% registered in the second quarter but at the very top end of economists’ forecasts.
Taking both the second and third quarters together, Britain enjoyed its strongest six-month growth spurt since the first half of 2000. However, momentum is not expected to last with government cutbacks and a rise in value-added tax likely to provide stiff headwinds at the start of next year.
The statistics office said the third quarter was the first this year not to have been distorted by weather-related effects which depressed output in the first quarter and boosted it in the second.
Christina Fincher and David Milliken, Reuters · LONDON
Pam Martin of Invis, Mortgage Broker – Kelowna,Vernon, Penticton, Okanagan, British Columbia, Canada