UK Economy defies forecast

Official figures have been released in regards the UK economy after confirmation of a better-than-expected 0.5% increase during the previous three months.

It has been revealed the original projection for the three months to December were originally expected to expand to 0.4%. However, despite progress, the Office for the National Statistics have predicted growth to become slower in their latest forecast.

Head of GDP at the ONS, Darren Morgan said: "The boost to the economy at the end of the year came from a range of services including recruitment agencies, letting agents and office management," said Darren Morgan, head of GDP at the ONS.

Estimates suggest that the UK is behind the likes of Germany and the US, while Bank of England Governor Mark Carney stated Brexit has had a significant effect on the economy.

"What it works out to is tens of billions of pounds lower economic activity," Mr Carney told Radio 4's Today programme. "Investment has picked up a bit but it hasn't picked up anyways to the same extent as internationally."

“"The deeper the relationship with Europe, the deeper the relationship with the rest of the world... the better it's going to be over time for the UK economy.

"Investment in advanced economies is growing at double-digit rates, and it is low single digits here.

Updates on the UK economy will be updated during the Bank of England’s quarterly Inflation Report commencing February 8.

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