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The uptick in Q3 growth was largely driven by a firmer rise in manufacturing and business services & finance output.

Jacob Deppe, head of trading at online trading platform, Infinox said: "The third quarter GDP figure is nothing to write home about but it is better than expected and will add to the pressure on the Bank of England's Monetary Policy Committee (MPC) to hike interest rates for the first time in a decade next week". The services sector grew by a more underwhelming 1.5pc on the year.

'While GDP growth in Q3 was a slight uptick on the previous quarter, the UK's combined economic growth performance over the first nine months of 2017 was still the weakest since late 2012, and indicates that the United Kingdom economy remains locked onto a low growth trajectory.

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Mark Carney, governor of the Bank of England, has done nothing to allay these thoughts, warning in September that some perhaps do not fully appreciate that rates could rise "over the coming months".

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Responding to the GDP announcement, the Chancellor said: "We have a successful and resilient economy which is supporting a record number of people in employment".

Britain's powerhouse services sector, which accounts for around 79% of the United Kingdom economy, grew by 0.4% during the third quarter, the same rate as the three months before. Quarterly services growth was steady at 0.4 percent, and remains the strongest contributor to GDP growth, while manufacturing increased by 1 percent.

Following the higher-than-anticipated results, the pound gained nearly 0.8 of a cent against the dollar to $1.32 at the time of writing, indicating that City traders are betting on a rate hike next week.

There was no change to the annual rate of growth which remained at 1.5%, beating market expectations of a dip to 1.4%. So, while symbolically important, it's unlikely the first rate hike in ten years will be catastrophic for the economy. "The key uncertainty for the central bank is whether it will increase base rates any further in 2018".


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