Oct. 25 - The UK economy accelerated to 0.8 percent growth in the third quarter of this year, as the country's central bank chief said he'd make it easier for financial institutions to access its funds. Andrew Potter reports
The British economy is picking up speed, with the stats to prove it. SOUNDBITE: JOE GRICE, UK OFFICE OF NATIONAL STATISTICS, SAYING (English): "GDP in the third quarter grew by 0.8 percent." Britain's Office of National Statistics showed the economy grew at its fastest pace in three years in the third quarter. Its chief Joe Grice explained where that growth was coming from. SOUNDBITE: JOE GRICE, UK OFFICE OF NATIONAL STATISTICS, SAYING (English): "Services, that's about three quarters of the economy grew by 0.7 percent. Construction grew by 2.5 percent. The production sector grew by 0.5 percent. It's good news, but the UK economy is still two and half percent below its peak before the recession. British finance minister George Osborne. SOUNDBITE: GEORGE OSBORNE, BRITISH FINANCE MINISTER, SAYING (English): "Britain is poorer because of the crash that happened five years ago. This government is turning that around and thanks to the hard work of the British people there is now and economic recovery. People are feeling it as they get jobs and jobs get better for people." Despite its struggles during the crisis, London's financial centre remains one of the key drivers of the British economy. Osborne appointed Mark Carney as Bank of England governor in July. And in his first major speech on financial regulation, Carney said he'd make it easier and cheaper for banks to access the central bank's funds. (SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR MARK CARNEY GIVING SPEECH AND SAYING: "We are open for business. The new Bank of England facilities are not ornamental, they are there to be used. They are there to be used by banks to access money and high quality collateral" Encouraging signs, while the UK's steady growth has all but put to bed fears of a triple dip recession for the UK.