Britain’s economy grows by more than expected in hope to avoid recession

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The UK economy grew by more than expected in November, in accordance to new figures, boosting hopes of avoiding a recession.

Gross home product (GDP) rose by 0.3 per cent in November, after declining by 0.3 per cent in October, in accordance to the Office for National Statistics (ONS), because the prospect of the nation coming into a recession on the finish of the 12 months hangs in the stability.

Economists had been anticipating GDP to rise by 0.2 per cent.

The uplift was pushed by the companies sector, which rose by 0.4 per cent in the course of the month, and was the most important contributor to financial progress.

The ONS’s chief government Grant Fitzner mentioned: “The economy contracted a little over the three months to November, with widespread falls across manufacturing industries, which were partially offset by increases in public services, which saw less impact from strike action.

“GDP bounced back in the month of November, however, led by services with retail, car leasing and computer games companies all having a buoyant month.

“The longer-term picture remains one of an economy that has shown little growth over the last year.”

Chancellor of the Exchequer Jeremy Hunt mentioned: “While growth in November is welcome news, it will be slower as we bring inflation back to its 2 per cent target.

“But we have seen that advanced economies with lower taxes have grown more rapidly, so our tax cuts for businesses and workers put the UK in a strong position for growth into the future.”