Independent Financial Life Planners Bishop's Stortford: UK ECONOMY EXPANDS 0.5% IN Q3

Friday, 11 November 2016

UK ECONOMY EXPANDS 0.5% IN Q3

Recent data from the Office for National Statistics (ONS) estimates that the UK economy expanded by 0.5% in Q3 2016. Although slower than the 0.7% growth rate experienced in the second quarter, this was stronger growth than many analysts estimated, reducing expectations of an interest rate cut at the Bank of England’s next Monetary Policy Committee meeting on 3 November.

The ONS commented: “The pattern of growth continues to be broadly unaffected following the EU referendum. There is little evidence of a pronounced effect in the immediate aftermath of the vote.”

Philip Hammond, the Chancellor of the Exchequer, was reported to comment that the GDP figures demonstrated the resilience of the UK economy, adding: “We are moving into a period of negotiations with the EU and we are determined to get the very best deals for households and businesses.

“The economy will need to adjust to a new relationship with the EU, but we are well-placed to deal with the challenges and take advantage of the opportunities ahead.”

The economy was supported by a robust performance from the services sector, which grew by 0.8% between July and September. The strongest part of the service sector was transport, storage and communication, growing 2.2% in the period; the fastest rate for seven years.

Service sector growth was offset by the steepest fall in construction since Q3 2012, with the industry dropping 1.4% between July and September following a sharp slowdown in new housebuilding. Manufacturing output contracted by 1%, while production and agriculture declined by 0.4% and 0.7% respectively.

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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