UK economy worse than thought after data revisions

FT/Chris Giles/09-29-17

Broad revisions to Britain’s main statistics on Friday showed the economy has performed worse than previously thought since the Brexit vote, although household finances are significantly stronger.

Year-on-year growth in the second quarter was revised down from 1.7 per cent to 1.5 per cent, the Office for National Statistics said, with slower growth than previously recorded in the last three quarters of 2016.

…Consumer debt continued to rise at a near double-digit pace in August, increasing 9.8 per cent from a year earlier, adding to the Bank of England’s fears that there is a “pocket of risk” in lending on credit cards and car finance.

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