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GDP revised down

GDP revised down
The UK’s recovery from recession was slightly weaker than previously thought, revised figures from the Office for National Statistics have shown.

GDP from July to September had been estimated at 1%, but was revised to 0.9% this morning.

Statistics on public sector net borrowing were also released, showing a £1.2bn rise year-on-year in November, when the Government borrowed £17.5bn.

Labour's Rachel Reeves seized on the higher borrowing figures to press the need for "urgent action and a change of course".

"For all the Chancellor's smoke and mirrors in the autumn statement, these figures show that borrowing is rising and is up by almost 10 per cent so far this year. The failure of David Cameron and George Osborne's policies on jobs and growth means they are now even failing on the one test they set themselves – to get the deficit and debt down."

There was better news in the services sector, however, with the ONS predicting it grew by 2% in the year to October.

Green Box: GDP revised downClick to open

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