GDP growth slower than expected in Q3: ONS

Meanwhile second quarter growth was revised to 0.5%, down from the previous figure of 0.7%.

Calum Bennie, Savings Expert at Scottish Friendly comments on the ONS UK growth estimates:

“According to the estimated ONS figures released today the UK economy grew by 0.4% in the third quarter of the year, less than was previously expected. Although the figures were less than originally forecast that does represent the eleventh consecutive quarter of growth. Growth may be fragile but it is continuing and so attention will turn to an interest rate rise at some point in 2016. This is yet another sign that the party could be over for cheap borrowing.  The guests may still be in the room but the music has stopped and with interest rate rises on the horizon borrowers have to prepare now for the very real possibility of larger debt repayments in 2016.  People need to turn their attention to putting money aside to reduce any risks to their financial future as there is a degree of uncertainty ahead.”