UK economic recovery remains on track as GDP growth slows slightly

Britain's economic recovery has continued to strengthen with GDP growing at a slightly slower rate of 0.7% in the third quarter this year, according Office for National Statistics data.

The ONS recorded a growth rate of 0.8% between April and June.

The agency added that GDP in the third quarter of 2014 increased by 2.6% year-on-year.

In the Autumn Statement 2014, Chancellor George Osborne said that the UK deficit has been halved in this parliament and has pledged to continue to slash the deficit by implementing new spending cuts.

He added that the UK economy is tipped to grow by 3% by the end of 2014.

Meanwhile, the UK's total jobless rate has held at 6% in the three months to October, as employment has continued to rise to a record high of 30.8 million, maintaining the general direction of movement since late 2011 early 2012.

The ONS said that pay for employees in the UK increased by 1.4% including bonuses and by 1.6% excluding bonuses when compared to a year earlier.

The data means that wages, including bonuses, outstripped Consumer Price Index (CPI) inflation of 1.3% in the year to October.

However, critics have warned that the UK economy has still a number of risk factors, including soaring UK house prices and poorly performing trade and industry figures.

ONS data shows that business investment fell by 0.7% over the quarter, down from 3.3% growth in quarter two, while Britain's trade deficit widened from £8.9bn in quarter to £11.2bn last time out.