Households drive British surge again

Households drive British surge again

The UK economy is still reliant on spending by households notwithstanding the squeeze on their finances. Meanwhile, business investment inched up slowly, hinting at caution among UK companies ahead of Brexit, as official data for the third quarter disclosed.

In the third quarter, Britain's economic surge accelerated modestly to 0.4% versus 0.3% in the second quarter, as the Office for National Statistics informed on Thursday. It absolutely confirmed a preliminary outcome.

The breakdown of the data disclosed that spending by UK households drove the national economy once again even as they were affected by slow wage ascend and a leap in inflation, which followed the 2016 Brexit vote, backing a soar in borrowing.

On Wednesday, the country’s budget watchdog happened to take an axe to its economic surge estimates for every year into the early part of the upcoming decade because it reduced its projections for productivity surge, which is the weak point of the British economy.

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