Poor data raises chances of UK rate cut

Worse-than-expected growth and woeful housing statistics have increased the likelihood that the Bank of England will move to cut rates next month.

The United Kingdom's Office for National Statistics revised growth estimates for the third quarter down by ten basis points on Friday, from 0.8% to 0.7%. The British Banking Association (BBA), a trade body, revealed home mortgage approvals plunged to 44,000 in October, down by 10,000 - or 18.5% - from September, and more than 37% lower than in Octo