Growth figures raise chances of rate rise

26 October, 2017, 00:47 | Author: Regina Lloyd
  • Sterling edges down on Brexit, BoE uncertainty

Services increased by 0.4%, the same rate as Q2, and remains the largest contributor to GDP growth, with a strong performance in computer programming, motor trades and retail trade.

Britain's economy picked up speed ever so slightly in the third quarter, official data showed on Wednesday, strengthening expectations for an interest rate hike next month. "That will clarify the impact of today's results on tax, on wages on the housing market and in the now extreme likelihood of a rate rise".

He added: "Today's numbers seem to have increased the likelihood of an interest rate rise next week, with sterling gaining nearly half a cent against the dollar".

The latest figures revealed that the manufacturing industry saw the sharpest spike at a 1% rise.

"However, construction output fell for the second consecutive quarter, although it remains above its pre-downturn peak". The Bank's deputy governor said on Monday that a rate rise in November remained an "open question".

But the service sector - which accounts for nearly 80% of the economy's output - had the biggest overall contribution with a 0.4% growth over the quarter. And future rate rises will be gradual.




"The Bank argues that inflationary pressures could rise sharply if not checked by higher interest rates, and that the current low unemployment rate could lead to much faster wage growth".

Strengthening industrial production figures also contributed to growth, outweighing a decline of 0.7 percent in the construction sector.

While the ECB is not expected to make any changes to interest rates, the euro still looks set to gain as observers suggest that the bank will finally announce plans to begin tapering its quantitative easing programme early next year. "The key uncertainty for the central bank is whether it will increase base rates any further in 2018".

Indeed, although the figures show that the United Kingdom hasn't suffered from a Brexit induced recession as some predicted, this still could be the weakest year of growth since the financial crisis.

British five-year government bond yields also rose to their highest since last year's vote to leave the European Union as markets anticipated a quicker pace of BoE rate rises next year.

Year-on-year growth in the third quarter was 1.5 percent, below the 1.8 percent growth rate recorded over the whole of 2016.

Recommended:

  • Shin Megami Tensei V is renamed via a teaser trailer

    Shin Megami Tensei V is renamed via a teaser trailer

    The haunting soundtrack overlaying the bloody remains of those demons, the protagonists being swarmed and apparently eaten alive. There isn't much information to go on so far, as all we know is what Atlus revealed via a brief 1:22 trailer.
    Egypt: 50 policemen killed during clashes with militants

    Egypt: 50 policemen killed during clashes with militants

    BBC reported that more than 50 police officers were killed during clashes, while local media said 35 citing security sources. In their statements, none of the militant groups claim any affiliation to the Muslim Brotherhood.
    Conte Hails Chelsea's Spirit, Commitment In Watford Win

    Conte Hails Chelsea's Spirit, Commitment In Watford Win

    Watford wasted a number of chances to extend its advantage before substitute Michy Batshuayi headed in the equalizer. Chelsea began the day fifth in the table, a place and two points behind Watford . "It is a really unfair result".
  • Major advances for the screening of breast cancer

    Major advances for the screening of breast cancer

    Jocelyne Chiquette, clinician at the Centre for breast diseases at Quebec, which is one of the authors of the study. "There are many different types of breast cancer and all of those have different reasons why they develop".
    Local pricing announced for lighter Porsche 911 T

    Local pricing announced for lighter Porsche 911 T

    Porsche claims a 0-62mph time of 4.5sec for the manual, 4.2sec if you order the dual-clutch automatic transmission. The optional rear-axle steering, which was not available for the 911 Carrera, can be had on the 911 Carrera T.
    Trump says he'll allow Kennedy assassination files to be released

    Trump says he'll allow Kennedy assassination files to be released

    The National Archives has until next Thursday to disclose the remaining files related to Kennedy's 1963 assassination. Also, Trump was not clear about whether he would publish all of the documents in full, or with some of them redacted.
  • New charge for polluting vehicles to tackle London's 'lethal air'

    New charge for polluting vehicles to tackle London's 'lethal air'

    Effectively, owners of the most polluting cars will pay about £21.50 or $28 per day to drive in central London. Research by King College London found that 9,500 people die each year in the capital due to poor air quality.
    SNES Edition Hits North America On November 27th

    SNES Edition Hits North America On November 27th

    For those of you familiar with Factor 5's SNES game, you'll know that Super Turrican did come out for the system back in 1993. This version of the New Nintendo 3DS XL SNES Edition will be released on November 27th, 2017 for the price of $199.99.
    Women Accuse Hollywood Director Of Sexual Harassment

    Women Accuse Hollywood Director Of Sexual Harassment

    Weinstein was ultimately fired from his own company after the New York Times revealed he paid off at least eight women, including Rose McGowan.
  • Siraj, Iyer included for NZ T20Is, Vijay returns for Lanka Tests

    Siraj, Iyer included for NZ T20Is, Vijay returns for Lanka Tests

    Prasad stressed whether Nehra, 38, figures in the playing XI "is entirely up to the team-management and the selector on call". It should be noted that the Men in Blue have never beaten New Zealand in a T20I in five head-to-head games.
    This City Provides Hurricane Relief Only To Those Who Support Israel

    This City Provides Hurricane Relief Only To Those Who Support Israel

    But Dickinson isn't the only city in Texas to begin including such anti-BDS requirements in official contracts. Congress is also considering a bill that would make it a felony for Americans to boycott Israel.
    Toddler killed after recalled IKEA dresser crushes him

    Toddler killed after recalled IKEA dresser crushes him

    Those who choose to keep the dresser can request that IKEA install a free wall anchoring kit, or they can install it on their own. Mann , the family's lawyer, said the family is "absolutely distraught" by the accident, ABC News reports .


Popular

Former production assistant becomes latest Harvey Weinstein accuser
Actresses Rose McGowan , Asia Argento and Lucia Evans say Weinstein forced sex acts on them without consent. Allred declined to comment on whether they will sue, and whether they will go to the cops about this.

Malayalam Filmmaker IV Sasi Passed away!
IV Sasi also directed two Tamil films with Rajnikanth - Kaali and Ellaam Unn Kairaasi; the former was a hit. Reports are coming that He is survived by wife Seema, son Ani, and daughter Anu.

Tillerson to Press Pakistani Leaders for More Action Against Militants
US Secretary of State Rex Tillerson has arrived in Islamabad for talks with Pakistan's leadership on a wide range of issues. On Monday, during a visit to Kabul, Tillerson urged Pakistan to act against safe havens on its soil.

Nintendo Switch Update 4.0 Adds GameCube Controller Support
Unfortunately, it's not as straightforward as it seems as you'll need to have the GameCube USB adapter for the Wii U . Users at GameXplain were the first to point out the added support for the GameCube controllers.

Owaisi says he agrees with SC observations on patriotism
However, AG Venugopal said that the government would take a call, and the "shall" wasn't changed to "may" in the order. The bench responded: "Not singing national anthem in movie halls was not a sign of being anti-national".

'Saaho' first look poster copied from 'Blade Runner 2049'?
On Prabhas' birthday, Shraddha took it to her official Twitter handle to share heartwarming wishes for the actor on his big day. Prabhas and Shraddha both will be having the high-intense action scenes, as per various reports says.

Harvey Weinstein: Matt Damon admits Ben Affleck told him of Paltrow harassment
Matt Damon and Robin Williams starred in Good Will Hunting . "I knew that story". "Could you survive a meeting with Harvey? ". But. this level of criminal sexual predation is not something that I ever thought was going on. "I think they're on notice".

Watch Lonzo Ball's 29 point, 11 rebound, 9 assist game Friday night
Ingram struggled for the vast majority of preseason play, but looks good early on in the second game of the season. And for LaVar and is his Big Baller Brand, isn't that what matters most?

Raiders Marshawn Lynch ejected for pushing official
If you missed the Thursday night matchup between #The Raiders and #Chiefs, you missed arguably the game of the year. Oakland still doesn't have an interception and surrendered some humiliating touchdowns to Smith and the Chiefs .

OBC leader Alpesh Thakor to join Congress
The Congress has given both Mr Patel and Mr Mevani an open invitation to join the party. However, Hardik said that he will continue to fight till he has public support.