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UK economy grows by 1%

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The UK economy grew by 1% between July and September, according to the latest official figures.

The 1% growth in the three months to September gives further hope that the economy is growing stronger.

Elevating from the depths of a nine-month long recession, the Office for National Statistics show the UK’s surprisingly strong growth.

The Olympic Games helped to significantly boost growth over the summer period. A number of experts and analysts had expected there to be a rise as a result of the Olympic Games, however earlier figures are slightly weaker than previously thought.

Compare to a year earlier, as opposed to the previous quarter, the economy contracted by 0.1% compared with the previous estimate showing flat growth.

Strong consumer spending over the summer also helped to boost the economy. In the third quarter spending increased by 0.6%.

The service sector also grew by 1.3%, which remains unchanged from the ONS previous predictions.  Growth on industrial production was revised down from 1.1% to 0.9%.

This comes at a time when another report reveals that households are facing the most savage peacetime squeeze on consumer spending in almost 100 years.

Analysis by the independent Centre for Economics and Business Research shows a staggering 8.4% fall in real consumer spending per household between 2007 and the end of this year.

Only during the Second World War did spending suffer a deeper fall, even the Great Depression witnessed nothing on this scale.

The last time a dip in consumer spending was seen like this was between 1939 and 1945, when it was 14%.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074