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| Version 1 | Version 2 |
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| GDP growth faster than expected | GDP growth faster than expected |
| (10 minutes later) | |
| The UK economy grew at its fastest rate for two years in the third quarter of this year, the Office for National Statistics (ONS) has said. | The UK economy grew at its fastest rate for two years in the third quarter of this year, the Office for National Statistics (ONS) has said. |
| UK GDP grew by 0.7% between July and September, compared with the previous quarter. A rate of 0.6% had been expected by forecasters. | UK GDP grew by 0.7% between July and September, compared with the previous quarter. A rate of 0.6% had been expected by forecasters. |
| This takes the annual growth rate up to 2.8%, boosting chances that the Bank of England will raise interest rates soon. | This takes the annual growth rate up to 2.8%, boosting chances that the Bank of England will raise interest rates soon. |
| The service sector was the primary growth engine, figures showed. | The service sector was the primary growth engine, figures showed. |
| Economy threat | Economy threat |
| Although the latest inflation figures, released earlier this month, showed a slight easing, the economic growth figures add to the calls for the Bank to raise UK interest rates from 4.75% to 5% at its November meeting. | Although the latest inflation figures, released earlier this month, showed a slight easing, the economic growth figures add to the calls for the Bank to raise UK interest rates from 4.75% to 5% at its November meeting. |
| Last month's Consumer Prices Index figure was 2.4% - a reduction from the 2.5% seen in August, but still ahead of the government's 2% target. | Last month's Consumer Prices Index figure was 2.4% - a reduction from the 2.5% seen in August, but still ahead of the government's 2% target. |
| Earlier this month, Bank of England governor Mervyn King warned inflation was still a threat to the UK's economic health, despite recent falls in the cost of oil. | Earlier this month, Bank of England governor Mervyn King warned inflation was still a threat to the UK's economic health, despite recent falls in the cost of oil. |
| The GDP figures showed that construction rose by 0.5% and manufacturing by 0.3%. | The GDP figures showed that construction rose by 0.5% and manufacturing by 0.3%. |
| There was growth too in transport, communications and storage industries. | There was growth too in transport, communications and storage industries. |
| Business services - including recruitment agencies and architects and engineers - and finance rose by 1.4% - the same as in the previous quarter. | Business services - including recruitment agencies and architects and engineers - and finance rose by 1.4% - the same as in the previous quarter. |
| Chief economist at Investec Securities, Philip Shaw, said he expected the UK economy to exceed Chancellor Gordon Brown's range of 2% to 2.5% for this year, but to fall a little short of his range for next year of 2.75% to 3.25%. | |
| An increase in interest rates was "firmly on the cards", he added. | An increase in interest rates was "firmly on the cards", he added. |