Financial services weigh as UK GDP growth revised down in Q3

Financial services worst hit

UK GDP growth has been revised down to 0.4% in Q3 2015 from the previous estimate of 0.5%, according to the Office for National Statistics (ONS).

This lower rate was attributed to weak growth in the dominant UK services sector, particularly financial services. The ONS also cut its estimate of second quarter UK GDP growth from 0.7% to 0.5%. Economists taking part in a recent Reuters poll expected no change to the GDP estimates for Q3. What impact would a ‘Brexit' from the EU have on financial services? The announcement comes the day after it was revealed government borrowing rose to £14.2bn in November, up £1.3bn on the same month last year. A Treasury spokesman said the figures show that risks to the UK economy remain,...