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According to National Institute for Economic and Social Research (NISER), UK's growth is likely to slow down in third quarter as per estimate. NISER reports 0.5% growth for three months from June to August, compared to 0.7% growth in second quarter as per official data. Last NISER estimate showed 0.6% growth for three months to July.
As of now with 0.7% quarterly growth, UK stands as the fastest growing nation and UK is seeing much higher wage growth compared to US, which has prompted Bank of England (BOE) to start communicating rate hike at turn of the year.
However, expectations are mixed over UK's rate hike as some analysts are calling for as early as first quarter, others are not so optimistic given the recent slowdown in China and financial market volatility.
Bank of England (BOE) governor has reiterated determination to hike rates and it stays on schedule in spite of headwinds from Chinese slowdown.
Pound is currently trading at 1.536 against Dollar.
