United Kingdom economic growth picks up slightly in third quarter

The financial markets are now indicating an 84% probability that rates will rise from their current record low of 0.25% when the Bank of England's Monetary Policy Committee (MPC) meets on 2 November.

United Kingdom gross domestic product (GDP) - the value of all the goods and services produced in Britain - grew by 0.4 per cent in the third quarter of the year, beating city expectations.

It was largely driven by a robust expansion from the services and manufacturing industries, which countered a dismal display from the construction sector.

The UK's economy had higher than expected growth in the three months to September - increasing the chances of a rise in interest rates in November.

However, the United Kingdom economy is still struggling to bounce back to levels seen in the final quarter of 2016 when GDP rose by 0.7 per cent. "Philip Hammond is expected to announce measures to address the problem in his autumn Budget next month - though whether they will work is open to debate".

He recently warned that Brexit had left the United Kingdom economy under a "cloud of uncertainty", while the International Monetary Fund also raised the growth outlook for every advanced economy aside from Britain because of its European Union divorce. In the three months to August, services output rose 0.4 percent from the previous quarter and 1.7 percent from a year ago.

As output grows to 0.4%, comments come into the IFA Magazine office. Britain's dominant services maintained its momentum from the previous quarter, the ONS said, while industrial output expanded at its fastest rate in more than a year.

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Meanwhile, construction contracted for the second quarter in a row with output shrinking 0.7 percent.

Britain's powerhouse services sector, which accounts for around 79 per cent of economic growth, grew by 0.4 per cent in line with the quarter before.

In year-on-year terms, third-quarter growth was unchanged at 1.5%, also slightly stronger than analysts had expected. For the commercial real estate industry, higher interest rates and rising inflation make borrowing and construction more expensive for owners, which can have a constraining effect on the market but can also lead to an increase in property prices.

"Despite the Brexit headwinds, United Kingdom growth is good enough to give the (BoE) the green light for a rate rise next Thursday", said Ian Stewart, chief economist at Deloitte.

"But we should not overdo the gloom as there is nothing in this or other recent data to suggest that the slowdown is in danger of turning into a recession".

Another report from the ONS showed that the index of services climbed 0.2 percent in August from July.

Shadow Chancellor, John McDonnell, responded: "The UK is not growing as fast as many of our trading partners in the European Union or the U.S., and it is becoming increasingly clear that this government has to use next month's Budget for a change of direction".

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