British economy beats growth forecasts

Britain’s economy grew by 0.8% between July and September, beating many economic forecasts.

The news follows 1.2 % growth in the second quarter and is double the 0.4% GDP growth expected by many analysts.

The Office for National Statistics (ONS) says the figures are on the back of growth in the services, construction and production sectors. (article continues below)

“This morning’s data release means that the UK economy is now a year into the recovery and has grown by just under 2.8% since the end of the recession,” says Azad Zangana, a European economist at Schroders.

He adds: “The stronger than expected growth outturn means that it will be incredibly difficult for the Monetary Policy Committee to justify resuming Quantitative Easing at their November meeting.”