UK third quarter GDP beats forecasts

Third quarter GDP growth has come in at 0.5%, up significantly from the consensus 0.3% forecast, putting the UK's annual GDP figure at 2.3%. This contrasts with the Bank of England prediction that Brexit would have a negative impact on the UK economy in 2016 and will likely add strength to Sterling throughout the day. The currency will remain volatile, however, with initial gains against the US dollar immediately after the news already subsiding to an extent. Whilst some are arguing that the economic effects of the June 23rd vote will take longer to filter through to the economy, this is certainly reassuring news in the short-term. Considering this level of growth surpasses that of several quarters over the last two years, it speaks to the resilience of the UK economy that it can generate growth in such testing times.