UK economic growth slows down sharply in the third quarter

Figures released Friday show U.K. economic growth slowed down sharply in the third quarter of the year. The Office for National Statistics said that growth during the July to September period was just 0.1%. That was lower than the 0.5% recorded in the previous three-month period and below market expectations for 0.2%. The statistics agency said output in September shrank, a development that is likely to fuel accusations from critics of the new Labour government talked the economy down in its first few weeks in power. Labour, which came to power in July for the first time in 14 years, has made raising the British economy’s growth levels its number one priority over the next five years.