UK economy expands 0.5%

The UK economy expanded by 0.5% in the final three months of last year.

This compared to 0.4% growth in the third quarter, and was in line with expectations. Overall, the economy grew 2.2% in 2015, down on 2.9% growth in 2014.

Mike Holling, executive director of the Craft Bakers Association, said: “I foresee challenging times ahead, because at present the high street is still very volatile.

"In addition I have great concerns about the global market, because consumer confidence seems to have been lacking a little of late, and I think that will continue for a while longer yet.”

Agriculture grew by 0.6% in the fourth quarter.

Year on year (YOY), the economy expanded by 1.9% in the fourth quarter compared to 2.1 % YOY growth in the previous quarter.

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