UK economy sees a 0.5 per cent increase after the Brexit vote

The service sector is on the rise!

Official figures have indicated that the UK service sector has helped the economy grow faster than expected in the three months after the Brexit vote.

According to The Office of National Statistics during the July-to-September period the UK increased by 0.5 percent.

This outcome will further affect the Bank of England’s Monetary Policy Committee’s decision on whether interest rates will be cut next week.

Some were pleased about the new profound figures on the Economy such as the Chancellor of the Exchequer, Phillip Hammond, he told The Guardian: “We are moving into a period of negotiations with the EU and we are determined to get the very best deal for households and businesses. The economy will need to adjust to a new relationship with the EU, but we are well-placed to deal with the challenges and take advantage of opportunities ahead.”

The service sector came out on top for boosting the UKs economy with 0.8 percent rise this quarter.

The strongest part of this sector was transport, storage and communication showing an overall inflation of 2.2 per cent. This has been shown to be the fastest growth since 2009 and was also helped by a profitable quarter by the UK’s film industry.

Others were not so supportive of the new findings, Labour’s Shadow Treasury Minister, Jonathan Reynolds told the BBC: “Continued disappointing, sluggish growth shows the failures of the Tories’ economic approach after six years in power, especially for the manufacturing sector which shows little sign of benefiting from lower sterling.”

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