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British economy grows twice marking 2.8% GDP increase

Britain's economy grew twice as fast as expected in the third quarter of this year, easing fears the recovery is tripping out and lowering the chance of more quantitative easing from the Bank of England. On the year, gross domestic product (GDP) grew by 2.8 percent, the fastest annual rate in three years and up from 1.7 percent in the previous quarter. British finance minister George Osborne said the figures gave him confidence that a steady recovery was underway, although economists maintained a sharp slowdown next year looked inevitable. The Office for National Statistics said the economy grew 0.8 percent between July and September, down from a nine-year high of 1.2 percent in the second quarter but at the very top end of economists' forecasts. Sterling jumped against the dollar and the euro and gilts hit a one-month low as investors reckoned BoE policymakers would struggle to make the case for more monetary stimulus next month, even if growth is expected to slow sharply