UK economy expands

Date: 2nd November 2011

Small business owners around the UK could be among those encouraged by recent figures regarding the UK's economy.

Data recently published by the Office for National Statistics has revealed that in the three months to October the UK's GDP expanded by 0.5 per cent.

This compared with an expansion of just 0.1 per cent in the previous quarter, but critics have warned that the growth should not be seen as a significant economic rebound.

That is after analysts said the second quarter figures were dampened by one-off factors.

However, chancellor George Osborne welcomed the growth and described the figures as a "positive step".

"Of course the British economy has got this difficult journey. It is a journey made more difficult by the kinds of things you see for example today in the markets because of the situation in the eurozone," he commented.

"But we are determined to finish this journey."

Posted by Jacob Williams