| Good news for our cousins in Britain. |
LONDON - BritainÂ’s economy expanded at its fastest annual rate in more than three years in the third quarter, showing resilience in the face of a global credit crunch, according to official data on Friday.
Preliminary data from the Office for National Statistics showed gross domestic product grew 0.8 percent from the previous three months, the same as the second quarter, despite forecasts for a slowdown to 0.7 percent. The annual rate of growth accelerated to 3.3 percent , the strongest rate since the second quarter of 2004, from 3.1 percent in April-June.
The pound rose and interest rate futures fell as investors bet the Bank of England would be in no hurry to cut borrowing costs this year, given signs that consumers and businesses have held up well against this summerÂ’s financial market turmoil. Even the funding crisis at Northern Rock last month, which triggered the first run on a bank in Britain in more than a century, failed to dent demand for consumer services, which made a strong contribution to growth in the third quarter. |