Growth in the UK economy slowed in the third quarter of the year, revised down from 0.5 percent to 0.4 percent due to a slowdown in the services sector.
The ONS also cut its estimate of second quarter GDP growth from 0.7 percent to 0.5 percent, lowering the chances of the government hitting its growth forecast for 2015
These are latest in a string of figures from the Office for National Statistics that suggest the UK economy is growing slower than expected; on Tuesday the ONS revealed that both public borrowing and household debt had risen in the last quarter, casting doubt on Chancellor George Osborne’s plan to have a budget surplus by 2017. The Treasury commented on the figures:
“Today’s figures highlight that risks remain – that’s why we should continue working through our plan to build an economy that delivers security for working people.”
