UK economic growth beats expectation

According to the National Office of Statistics, GDP grew at 0.4 per cent in the three months from July to September, slightly higher than the 0.3 per cent predicted by City analysts.

The services sector continued to drive the growth, GDP growth, while the construction sector fell into recession after shrinking for the second quarter in succession. The Bank of England's Monetary Policy Committee is widely expected by financial market traders to raise interest rates at its meeting on November 2nd, in order to curb what several members of the committee have identified as growing inflationary pressures. If approved, this would be the UK's first interest rate raise in 10 years.