UK economy sees worst growth since 2012

Annual growth of 0.6% weakest for more than seven years

The UK economy grew at its slowest rate since 2012 in November, meaning an interest rate cut from the Bank of England (BoE) could be on the cards soon.

UK GDP grew at 0.6% in the 12 months to November, the Office for National Statistics said today (13 January), down from 1% in October, representing the slowest annual growth rate for more than seven years. The figures come after Monetary Policy Committee member Gertjan Vlieghe told the Financial Times he would "need to see an imminent and significant improvement in the UK data to justify waiting a little longer" to cut rates. Sterling continued its decline on the news, with a 0.6% decline on Monday (13 January) seeing the currency drop below $1.30 once more. That buoyed the stockmarke...