UK economy grows 0.5% after Brexit vote
The UK’s service sector helped the economy to grow faster than expected in the three months after the Brexit vote, official figures have indicated.
The economy expanded by 0.5% in the July-to-September period, according to the Office for National Statistics.
That was slower than the 0.7% rate in the previous quarter, but stronger than analysts’ estimates of about 0.3%.
“There is little evidence of a pronounced effect in the immediate aftermath of the vote,” the ONS said.
The stronger than expected growth will further dampen expectations that the Bank of England’s Monetary Policy Committee will cut interest rates next week.
The economy was boosted by a particularly strong performance from the services sector, which grew by 0.8% in the quarter.
Transport, storage and communication was the strongest part of the service sector, growing by 2.2%. That was the fastest pace since 2009 and was helped by a healthy quarter for the UK’s film industry. The latest films in the Jason Bourne and Star Trek franchises were released in July along with other popular productions, lifting takings at box offices.
not exactly the doom that was predicted..