UK economy grows faster than originally thought

These are the figures…

According to the latest official estimate, the UK economy has grown faster than originally thought in the final three months of 2016.

Gross Domestic Product (GDP) has increased by 0.7 per cent, this is up from 0.6 per cent. Figures were found by the Office for National Statistics (ONS).

The new incline is thought to be because the manufacturing industry has done better than what was thought.

The ONS cut growth in 2016 as a whole to 1.6 per cent, this is down from the previous figure of two per cent which it forecast last month.

The ONS said there has been a slowdown in business investment, it fell by one per cent compared with the three months to the end of September.

Jeremy Cook, chief economist at the international payments company, World First, said: “UK GDP may have gained some momentum into the end of 2016 but recent news from UK seems to have shown that that momentum has been lost in the early weeks of 2017,”

“Services growth is set to slow, buffeted by rising inflation and slowing real wage gains and a consumer that is not waving but drowning.”

“Business investment remains poor, given uncertainty over the negotiations between the UK and the EU following the Brexit vote last summer and while trade was stronger on the quarter, this is purely a function of the devaluation of the pound,”