Friday, 28 October 2016

Hammond says economy needs support despite third quarter growth

In World Economy News 28/10/2016

The Chancellor of exchequer Philip Hammond said he would need to take steps to support growth in his first budget statement next month, despite data on Thursday showing the economy slowed less than expected after Britain voted to leave the European Union.
“I think it is right that we still prepare to support the economy during the coming period to make sure that we get through this period of uncertainty,” Hammond told reporters.
“All the forecasters suggest that next year will be slower,” he added.
Official data earlier on Thursday showed that growth slowed only moderately to 0.5 percent in the three months to September from 0.7 percent in the previous quarter, half the slowdown forecast in a Reuters poll.

Source: Reuters (Reporting by Estelle Shirbon and Helen Reid, writing by David Milliken)