A member of The Bank of England's rate-setting committee said last night the economy had emerged from recession in the quarter between July and September - contradicting initial figures published by the Office for National Statistics (ONS), reports The Times.
Andrew Sentance said a wide body of evidence "suggests the UK economy has moved on to a recovery track and growth has resumed in the second half of this year". The ONS confounded economists last month when it said GDP had fallen by 0.4% in the third quarter. Analysts had expected GDP to rise by about 0.2%, marking an end to the recession. The ONS will issue more detailed figures this month could lead to a revision of the headline GDP figure. "I would not take a negative signal from the decline recorded in the third quarter - which may change, anyway, as a result of data revisions,"...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
