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Bank Charges: UK growth rate halves to 0.5%

The UK economy expanded in the third quarter at less than half the pace it did during the second quarter of the year, it has been revealed.

A report by the National Institute of Economic and Social Research (NIESR) has shown that output rose by just 0.5 per cent in the third quarter of the year, compared to 1.2 per cent in the previous three months.

NIESR claimed that the economy is recovering at a much slower pace than previous fiscal systems which have been faced with recession.

It said: "A growth rate of 0.5 per cent is below our estimate of the economy's underlying trend rate, and has come at a time when the economy is still below capacity.

"Thirty months have passed since the onset of recession, yet the economy still remains more than four per cent below its pre-recession peak."

The economic think-tank added that it did not expect the economy to reach growth rates achieved before the downturn until 2012.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800107566-ADNFCR

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