UK economy grows twice as fast as predicted

Extract . . .

The British economy grew twice as fast as expected in the third quarter, defying expectations of a sharp slowdown. GDP expanded 0.8 per cent, well above the 0.4 per cent predicted by economists, as the prospects of a double dip recession receded. The latest figures improve the chances that Britain will be able to withstand the effects of the Government's austerity package and will reduce the likelihood of the Bank of England pumping more cash into the economy in the coming months.

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