United Kingdom economic growth strengthens in third quarter to 0.4 per cent

United Kingdom economic growth strengthens in third quarter to 0.4 per cent

United Kingdom economic growth strengthens in third quarter to 0.4 per cent

The Q3 outturn was slightly firmer than the average rate of growth seen in H1 2017 (0.3%), which may give some ammunition to those on the Bank of England's MPC who are leaning towards vote for a rise in interest rates in their November meeting.

PwC's chief economist John Hawksworth said, "These numbers do not change the big picture for the United Kingdom, which is of an economy that has slowed due to higher inflation linked to the weak pound and Brexit-related uncertainty dragging on business investment".

"We would like to see more broad-based growth, and are concerned, for example, that the construction sector is now in recession".

Any potential rate hike by the Bank's Monetary Policy Committee when it meets on 2 November is likely to be just 0.25 per cent, but would nonetheless have an impact on mortgage payments and savings.

One rate rise, or more?

With households feeling the squeeze as wage growth continues to fall behind inflation, concerns remain elevated over the sustainability of the U.K.'s consumer-driven economic growth. Services, led by increases in IT, motor trades and retail, continued to drive GDP growth.

"Yet if they do rise as expected, the move will be largely symbolic".

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United Kingdom stocks failed to gain any traction as equity investors weighed the likely impact of any impending rate hikes on the market. Longer term, stronger economic growth both here in the United Kingdom and overseas should drive improved corporate performance supporting higher market valuations.

Good morning. We're about to discover how well Britain's economy is performing in the face of Brexit uncertainty, rising inflation and persistently weak productivity.

The UK economy beat forecasts to grow by 0.4% in Q3, according to the latest figures from the Office for National Statistics (ONS), further increasing the likelihood of a Bank of England interest rate rise next Thursday. A £150,000 25-year repayment mortgage at a rate of 7.75 per cent would have paid £1,133 per month in 2007.

The eurozone's growth rate also caught up with the United Kingdom in 2016, and has outpaced the United Kingdom so far this year.

The UK fell to the bottom of the G7 in previous quarters, growing at 0.2 per cent in Q1 and then 0.3 per cent in Q2.

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