Latest figures released this morning by the Office for National Statistics show that the UK economy has enjoyed higher than expected growth in the three months to September.
The figures show that Gross domestic product (GDP) for the quarter rose by 0.4%, compared with 0.3% in each of 2017’s first two quarters – increasing the chances of a rise in interest rates in November.
The greatest contributor to the 1/4 growth came from services which increased by 0.4%; manufacturing industries and industrial production also grew during the period.
However, construction output fell as new developments slowed.
The figures have increased the chances the Bank of England announcing a rate rise, currently at a record low of 0.25%, early in November.
GDP per head was estimated to have increased by 0.3% during Q3.