ONS revises economic growth figures down
Revised ONS figures for the UK’s Gross Domestic Product confirmed growth of 0.7% for Q3 while the year-on-year growth figure has been revised down from 3% to 2.6%.
Commenting, Chris Williams, CEO, Wealth Horizon, said: “While the Q3 figure has been left unchanged, the fact that year-on-year growth has been revised down is disappointing news and shows just how fragile the recovery remains.
“Worryingly, the update from the ONS revealed people are using their savings to fund purchases, meaning many might be eating into pots of money they need for their retirement.
“On the plus side, this latest downgrade makes it more likely any rise in interest rates is put on hold for longer.”