UK economy grows 0.5% after Brexit vote

The UK’s service sector helped the economy to grow faster than expected in the three months after the Brexit vote, official figures have indicated.

The economy expanded by 0.5% in the July-to-September period, according to the Office for National Statistics.

That was slower than the 0.7% rate in the previous quarter, but stronger than analysts’ estimates of about 0.3%.

“There is little evidence of a pronounced effect in the immediate aftermath of the vote,” the ONS said.

The stronger than expected growth will further dampen expectations that the Bank of England’s Monetary Policy Committee will cut interest rates next week.