British economy growth pace increases: research

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The British economy grew at a faster pace over the past three months ending in November than in the three-monthly period up to October, according to a research.

Research by the National Institute of Economic and Social Research (NIESR), an international economic think-tank in London, showed that the British economy grew by 0.6 percent in the three months ending in November, Xinhua reported.

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An increase on the 0.5 percent growth in gross domestic product (GDP) was observed in the three months to the end of October.

This rate of growth is consistent with the continued absorption of spare capacity in the British economy, research author Jack Warren wrote.

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Warren commented that it was NIESR’s view that Bank of England (BOE) is most likely to begin to increase interest rates in February next year from the current record low of 0.5 percent, which was set in March 2009.

Simon Kirby, senior research fellow at NIESR, said: “Our latest estimate for the UK suggests reasonable economic growth in the final quarter of this year.”

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NIESR’s latest quarterly forecast, released last month, forecast growth of 2.4 percent per annum in 2015 and 2.3 percent in 2016.

“This is not just a story of a buoyant private services sector, but also a material positive contribution from the production side of the economy,” Kirby added.

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