Consumers continue to fuel economic recovery as widening import-export gap proves record drag on growthThe UK economy has slowed after poor overseas trade figures build a record drag on growth, leaving household spending to drive the recovery and casting further doubt on George Osborne’s hopes that strong tax receipts will attend him hit ambitious budget targets. Official figures confirming that GDP growth slipped in the third quarter came alongside a warning from a leading credit rating agency that the chancellor’s latest package of tax and spending measures left him at risk of lost his goal to elope a surplus on the public finances by the end of the decade. Fitch Ratings said the chancellor was heavily reliant on economic growth holding up to balance the books.
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Source: theguardian.com