UK economy grows 0.7% in Q3, fastest pace in two and a half years
Briefing by News4U · First published
The Guardian Business reports that the UK economy grew 0.7% in the third quarter, the fastest pace in two and a half years, with AI-related spending adding 0.3%-0.4% to GDP growth this year. Household consumption rose 1.6% so far this year, but energy bills are set to increase by about a quarter in January, with the average annual household gas and electricity bill climbing to more than £2,000. Retail sales and consumer discretionary spending fell in September, and the Bank of England is expected to raise interest rates at least twice more to 4.5% before the end of next year. [1]
Sources
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The Guardian Business · · Full text