The Bank of England is not expected to cut rates a second time Yui Mok/PAThe British economy defied fears of an immediate post-Brexit recession by growing 0.5 per cent in the three months to September, causing embarrassment at the Treasury and the Bank of England. The third-quarter GDP figures from the Office for National Statistics (ONS) confounded the Treasury’s prediction, which was that the economy would contract by between 0.1 per cent and 1 per cent. The growth was also stronger than predicted by the Bank, which in August had forecast zero third-quarter growth, which it revised up to 0.2 per cent the following month. The data will influence policymaking in the critical month…

Source: The Times October 27, 2016 23:59 UTC