UK economy grows by 0.7% in third quarter despite high oil prices

ONS also says GDP rose 0.2% month on month in September, in a boost to the chancellor, John Healey

The UK economy grew by 0.7% in the third quarter, as expected by City analysts, confirming that consumers and businesses remained resilient despite high oil and gas prices.

The Office for National Statistics said a jump in the cost of petrol, diesel and natural gas prices following the re-escalation of the conflict in the Middle East played an important role in restricting economic growth in the three months to the end of September.

Continue reading...