UK economy grew in third quarter to ease pressure

UK economic growth remained at 0.5 per cent in the three months to September, revised official figures showed today.

The Office for National Statistics (ONS) said its second estimate for gross domestic product in the third quarter was unchanged from earlier estimates.

Analysts had initially forecast that growth would slow slightly from 0.7 per cent in the second quarter of the year to 0.6 per cent in the third.

The news will ease pressure on the Bank of England to raise interest rates, which have been held at an all-time low of 0.5 per cent since March 2009.

Bank of England governor Mark Carney said to MPs at the Treasury Select Committee this week that rates would stay low "for some time".

Most economists expect the Bank's Monetary Policy Committee (MPC) to raise interest rates next year or in 2017.