Racing ahead in the spring, growth in the British economy picked up to 3.6% in the year to the second quarter, the fastest in almost four years. The financial markets were on alert for aggressive interestrate hikes by the Bank of England. But over the summer, the recovery has stumbled. According to figures released on October 22nd, GDP grew by only 0.4% in the third quarter. Although that left output 3.0% higher than a year before, it was the slowest quarterly pace of expansion since the start of 2003.
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