HomeEconomyUK economy fails to grow in third quarter: ONS

UK economy fails to grow in third quarter: ONS


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Britain’s sluggish financial system didn’t develop within the July-to-September interval, figures from the Office for National Statistics (ONS) confirmed on Friday.

A Reuters ballot of economists had pointed to a fall in gross home product of 0.1% within the third quarter – doubtlessly representing the beginning of a recession – however official knowledge put the determine at 0%.

The financial system grew by 0.2% within the month of September from August when progress was revised all the way down to 0.1% from 0.2%.

The Reuters ballot had pointed to no change in gross home product (GDP) in September.

In the quarter, output in Britain’s big companies sector fell by 0.1%, industrial manufacturing was broadly flat and development grew by 0.1%, the Office for National Statistics stated.

The Bank of England (BoE) stated final week it anticipated zero progress in Britain’s financial system subsequent yr however it stored its benchmark rates of interest at a 15-year excessive because it continued to battle an inflation price greater than 3 times its 2% goal. The BoE forecast a flat studying for progress within the third quarter.

Finance Minister Jeremy Hunt, responding to Friday’s knowledge, stated excessive inflation remained the only greatest barrier to progress and he would announce plans to unlock funding and get folks again into work in his Nov. 22 funds replace assertion.

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