UK on track to be fastest growing G7 economy despite slowdown

The UK remains on track to be the fastest growing G7 economy this year despite new figures showing that GDP growth slowed in the third quarter.

A rise of 0.7% a slowdown from 0.9% in the second quarter was in line with most forecasts. But after recent economic indicators showing a weaker housing market, and slower manufacturing and consumer spending, some had feared growth could be weaker. Relief in financial markets at the figures, which confirmed seven consecutive quarters of growth, gave the pound a boost.