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UK economy grew 0.5% in aftermath of Brexit vote, down from 0.7%

UK economic growth slowed down following the Brexit vote in June's EU referendum - but less than predicted, official figures show.

The Office for National Statistics said GDP grew by 0.5% in the third quarter from July to September, compared to growth of 0.7% in the three months to June.

Chancellor Philip Hammond said: “The fundamentals of the UK economy are strong, and today’s data show that the economy is resilient."

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John McDonnell warns of 'slow erosion' of economy

Shadow chancellor John McDonnell warned of a Credit: PA Photos

John McDonnell said that the slowdown in growth in the last quarter from the previous quarter showed a "slow erosion" of the British economy.

The shadow chancellor said: "Manufacturing fell back in this quarter and that's an indication of the slowdown that's happened in our economy overall.

"We've always said that we never expected an immediate crisis. What we were worried about was a slow erosion of our economy if we don't get certainty and security for the future."

In a speech on Thursday, Mr McDonnell said that the Government had to be "clear about its objectives and its approach to prevent uncertainty".

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