tinyfav.com March 23, 2018

GDP growth stronger than predicted but 'squeeze' continuing

27 October 2017, 12:41 | Melanie Burgess

Source Getty

Canary Wharf Ice Rink

The British economy grew by 0.4 per cent in the third quarter, a better-than-expected performance that has fuelled expectations that the Bank of England's monetary policy committee will increase interest rates next week for the first time in a decade.

Laith Khalaf, Senior Analyst at Hargreaves Lansdown, said this morning that "markets are now pricing in an 80% chance of a rate rise next week, but the central bank has disappointed on this score before".

Britain's manufacturers had seen a weak second quarter, with output falling, but the sector returned to growth in the three months to September, albeit by only one per cent, according to the Office for National Statistics (ONS).

The latest figures from the Office for National Statistics show that the United Kingdom economy grew by £488,862m, or 0.4% in the July-September period. GDP only rose by 0.3% in both the first and second quarter, partly due to a slowdown in the dominant service sector. Responding to the figures, Chancellor Philip Hammond said boosting productivity would be the focus of his budget next month.

"Despite today's marginal improvement, growth has been relatively lacklustre this year".

But the service sector - which accounts for nearly 80% of the economy's output - had the biggest overall contribution with a 0.4% growth over the quarter.

Output from the services sector remains unchanged from the previous quarter at 0.4 per cent.

Comey on Twitter: Ex-FBI chief confirms 'secret' account
In college, Comey wrote his senior thesis on Reinhold Niebuhr, an influential 20th century American theologian and social thinker. However, Comey was not, it appears, taking the fledgling steps of those who would seek the office Trump now holds.

Nearly 40 women accuse film director James Toback of sexual harassment
Louise Post , the guitarist and vocalist for indie rock band Veruca Salt , said she met Toback in 1987 and went to his apartment. In the wake of the Harvey Weinstein scandal, another high-profile name has been accused of sexual harassment by several women.

Amazon customers in some Pa. cities can get deliveries inside their homes
Amazon Cloud Cam , an intelligent indoor security camera that lets you keep track of your home at an affordable price. It will be available from November 8 in 37 cities across the USA and will be rolling out to more locations over time.

He added: "Today's numbers seem to have increased the likelihood of an interest rate rise next week, with sterling gaining nearly half a cent against the dollar".

Pressure on the Bank of England to raise interest as soon as next month rose as figures show the United Kingdom economy unexpectedly accelerated in the third quarter of the year.

"We would like to see more broad-based growth, and are concerned, for example, that the construction sector is now in recession".

A rate rise by the BoE would act to curb inflation.

Computer programming led UK GDP growth in the third quarter of 2017, with activities increasing by 1.9% year-on-year.

"If the MPC doesn't raise interest rates on 2 November following this preliminary GDP estimate, Mark Carney will be branded as the central banker who cried wolf once too often".

Other News

Trending Now

Policemen Killed In Clashes With Terrorists In Egypt
Fifteen militants, who were reported to belong to an extremist group called Hasm, also died in the attack. However, the group did not claim any affiliation to the Muslim Brotherhood.

Watch Katy Perry get stuck in floating stage malfunction
Katy Perry performs some of her greatest hits and new music onstage at Madison Square Garden on October 2, 2017 in New York City.

Hillary Clinton Subject of 2 New GOP Investigations
Recently, President Trump and Fox News have been harping about "real" Russia story - Hillary Clinton selling uranium to Russians. Nunes said he wants to find out why Congress was not informed about any FBI investigation into the matter.

Caroline Wozniacki beats Simona Halep to advance to semi-finals — WTA Finals
Halep lost the opening seven games of the match before she finally got on the board early in the second set. It was a bitter disappointment for Halep after an impressive opening victory over Caroline Garcia .

India says Myanmar must take back Rohingya Muslims
Myanmar doesn't recognise Rohingya as an ethnic group and insists that they are Bangladeshi migrants living illegally in the country.

Former Teen Actor Claims Hollywood Agent Fed Him Alcohol & Sexually Assaulted Him
He hand is resting on Ozarowski's shoulder. " APA Agency has kept this man employed, working with kid actors", Lipman says. Lindsey revealed that he was in a relationship with another person, something which Grasham accepted.

State of the economy in five charts
Earlier in the 90s, the then government had issued recap bonds to borrow from the banks without allowing fiscal deficit to expand. A lot of internal meetings on the state of economy internally within the ministry were held.

Cardi B Claims "Racist" Staff Booted Her From Albany Hotel
Later in the afternoon, Cardi posted several videos on her Instagram account explaining her side of the story. "I can't, really. Let this be a lesson to the blanket taking culprit in Cardi's life, don't get comfortable because she will cut you off!

Kid Rock: 'F*ck no, I'm not running for Senate.'
Bannon, the former chairman of Breitbart News, was reportedly hoping that Ritchie would unseat Democratic Senator Debbie Stabenow of MI .

Dustin Pedroia will be out until late May following knee surgery
Pedroia made two trips to the disabled list (29 days combined) during 2017 because of left knee inflammation. Dustin Pedroia (knee) is not expected to return to full baseball activity for seven months.