Pound flat as UK Q3 growth disappoints

<p>The UK’s third-quarter growth figure has been revised down, hampering the pound’s progress in forex trading.</p>

The pound has not made any ground in forex markets this morning (December 21st) following the release of the UK's third-quarter growth figures, which have failed to raise hopes the economic recovery is picking up speed.

Data from the Office for National Statistics shows a downward revision to 0.9 per cent for the three months to September 30th. This is lower than the one per cent growth projected in a previous estimate.

Britain's dominant services sector posted disappointing growth in October, adding to the challenge for the economy as a whole to make progress in the final quarter of the year.

However, expansion for that period is the strongest recorded since the third quarter of 2007, but much of this reflects the rebound from the extra diamond jubilee bank holiday in June and the London Olympics.

At 10:55 GMT, the pound slipped by 0.2 per cent versus the dollar to £1 buying $1.624, while it was flat against the euro to €1.229.

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