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Thread: UK economy grows a faster-than-expected 0.8%

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    UK economy grows a faster-than-expected 0.8%

    The UK's economy grew at 0.8% between July and September, official figures show, suggesting the economy is recovering faster than expected.



    It follows 1.2% growth in the second quarter of the year, and is double the 0.4% expected by analysts.

    Meanwhile rating agency Standard and Poor's upgraded its outlook for the UK's triple-A credit rating.

    Chancellor George Osborne called both reports "a vote of confidence in the new government's economic policies".

    The gross domestic product (GDP) figure released by the Office for National Statistics (ONS) is only a first estimate, and may be revised.

    Analysts had expected a slowdown after weak retail sales and housing data.

    Government relief "This is the second major GDP growth surprise in a row and suggests that the UK economy is more resilient than many had feared," said James Knightley, economist at ING.

    "The government will no doubt take this as a sign that the private sector can fill the gap created by public sector cuts, but with consumer confidence, hiring intentions surveys and housing activity data all softening we remain cautious."

    But chancellor George Osborne said that, along with the government's Spending Review announced last week, the ONS data should help underpin confidence in the UK economy.

    "The ONS believe that the underlying growth in the third quarter was 'broadly similar' to the strong second quarter," he said.

    "This gives me confidence that although global economic conditions remain choppy, a steady recovery is underway."

    The full story available from here : BBC News - UK economy grows a faster-than-expected 0.8%
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    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Midas View Post
    The UK's economy grew at 0.8% between July and September, official figures show, suggesting the economy is recovering faster than expected.



    It follows 1.2% growth in the second quarter of the year, and is double the 0.4% expected by analysts.

    Meanwhile rating agency Standard and Poor's upgraded its outlook for the UK's triple-A credit rating.

    Chancellor George Osborne called both reports "a vote of confidence in the new government's economic policies".

    The gross domestic product (GDP) figure released by the Office for National Statistics (ONS) is only a first estimate, and may be revised.

    Analysts had expected a slowdown after weak retail sales and housing data.

    Government relief "This is the second major GDP growth surprise in a row and suggests that the UK economy is more resilient than many had feared," said James Knightley, economist at ING.

    "The government will no doubt take this as a sign that the private sector can fill the gap created by public sector cuts, but with consumer confidence, hiring intentions surveys and housing activity data all softening we remain cautious."

    But chancellor George Osborne said that, along with the government's Spending Review announced last week, the ONS data should help underpin confidence in the UK economy.

    "The ONS believe that the underlying growth in the third quarter was 'broadly similar' to the strong second quarter," he said.

    "This gives me confidence that although global economic conditions remain choppy, a steady recovery is underway."

    The full story available from here : BBC News - UK economy grows a faster-than-expected 0.8%

    A false dawn and a fantasy theory I'm afraid Midas, this is a blip as a result of decisions made by the out going government, any decisions made by Cameron a co have yet to take effect. You can make hay out of it while it lasts, but you are deluding yourself if you think this is a sign we're' out of the woods.
    Advocates of capitalism believe : "The fortunate must not be restrained in the exercise of tyranny over the unfortunate"

  3. #3
    Major Sinic Guest

    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Expounder View Post
    A false dawn and a fantasy theory I'm afraid Midas, this is a blip as a result of decisions made by the out going government, any decisions made by Cameron a co have yet to take effect. You can make hay out of it while it lasts, but you are deluding yourself if you think this is a sign we're' out of the woods.
    Conversely had the figures gone the other way and shown a decline in GDP, nobody on this forum would be leaping about claiming it was confirmation that the Coalition had got it wrong than you, Expounder. You are one of those ideologically blind commentators who can only see what you want to see.

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    Re: UK economy grows a faster-than-expected 0.8%

    I maintain that the true political fallout of this recession is yet to come. Is it just me, or have world leaders been scrambling around trying to figure out what's going to happen recently? 5 major summits in 2 weeks, and that's just the ones Australia attended. We have what could be called an 'unresolved' situation in Europe, Obama is facing down a rising conservative backlash by both normal Republicans and the extreme Right, and China and Russia have been a bit more grabby recently, more than a few activists detained, political murders in Russia and Sino/Japanese relations go to **** over those islands.

    It seems the economy is not the only thing people are worried about.

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    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Major Sinic View Post
    Conversely had the figures gone the other way and shown a decline in GDP, nobody on this forum would be leaping about claiming it was confirmation that the Coalition had got it wrong than you, Expounder. You are one of those ideologically blind commentators who can only see what you want to see.
    But why make a false claim? None of the coalition's policies have come into effect to have time to take effect. The time to start crowing or crying is when we are a year into the life of the coalition and the results of it's policies are beginning to take shape. In any case why should I not point out the blatantly obvious when you and your Tory pals are claiming credit for something they had nothing to do with.
    Advocates of capitalism believe : "The fortunate must not be restrained in the exercise of tyranny over the unfortunate"

  6. #6
    Major Sinic Guest

    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Expounder View Post
    But why make a false claim? None of the coalition's policies have come into effect to have time to take effect. The time to start crowing or crying is when we are a year into the life of the coalition and the results of it's policies are beginning to take shape. In any case why should I not point out the blatantly obvious when you and your Tory pals are claiming credit for something they had nothing to do with.
    No one has made a false claim. Statistically correct information was provided, which you then suggested reflected in no positive way on the Coalition. No one said it it did! However recognising the biased political opportunist that you are, I observed that had the figures provided the opposite view, it would still reflect neither positively nor negatively on the Coalition, yet you undoubtedly would have used it as hammer to have a go at the Coalition. This is why so many of your views lack credence.

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    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Major Sinic View Post
    No one has made a false claim. Statistically correct information was provided, which you then suggested reflected in no positive way on the Coalition. No one said it it did! However recognising the biased political opportunist that you are, I observed that had the figures provided the opposite view, it would still reflect neither positively nor negatively on the Coalition, yet you undoubtedly would have used it as hammer to have a go at the Coalition. This is why so many of your views lack credence.
    Now you are just surmising what I would, or would not say. How could you know in advance what I would actually say, shades of Mystic Nell? You're the one trumpeting growth with elaborate graphs, heralding and inferring a coalition success. What the increase does prove is that the decisions of the previous government which brought this increase about were the right ones. I can't say the same will apply to our cut happy coalition.
    Advocates of capitalism believe : "The fortunate must not be restrained in the exercise of tyranny over the unfortunate"

  8. #8
    Major Sinic Guest

    Re: UK economy grows a faster-than-expected 0.8%

    Quote Originally Posted by Expounder View Post
    Now you are just surmising what I would, or would not say. How could you know in advance what I would actually say, shades of Mystic Nell? You're the one trumpeting growth with elaborate graphs, heralding and inferring a coalition success. What the increase does prove is that the decisions of the previous government which brought this increase about were the right ones. I can't say the same will apply to our cut happy coalition.
    I don't need to be Mystic Nell to know what you will say. You are such a predictable chap Expounder.

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