UK Growth Slowdown Takes Rate-Hike Pressure off BoE

Britain’s economic growth has slowed markedly, according to data on Wednesday that supports expectations the Bank of England will not raise record low interest rates any time soon.

Hurt by slow demand for exports from a flagging global economy, gross domestic product grew 0.4 percent in the third quarter, matching its lowest rate since late 2012, when Britain was still struggling to recover from the financial crisis.

The quarterly growth rate undercut all forecasts in a Reuters poll of economists and was down from a previous estimate of 0.5 percent.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.