UK growth figures awaited after productivity downgrade – business live

All the day’s economy and financial news, including a second estimate of UK GDP in the third quarter of this year

Over in the City, shares in energy supplier Centrica have plunged by 15%.

British Gas’s parent company has revealed it lost 823,000 customer in the four months between June and October.

We are also reflecting the expected impact of warmer than normal weather across October and November.

Yesterday’s productivity downgrades are a ‘Suez moment’ for the UK economy, says our economics editor Larry Elliott.

He writes:

It is now more than 10 years since the start of the financial crisis and the OBR’s gloomy outlook marks the moment when Britain has to stop kidding itself. Growth is not going to return to its pre-crash levels. The 21% gap between output per hour now and where it would have been had it remained on its pre-2007 path is never going to be closed.

Britain is substantially and permanently poorer.

Related: For the UK economy, this budget is its Suez moment

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

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Today’s second estimate of UK Q3 GDP isn’t expected to result in a revision to the first estimate of 0.4% q/q expansion. Since that preliminary estimate, the incoming information has revealed industrial production to have been stronger than initially thought and construction to be even weaker.

The expenditure breakdown becomes available on this occasion. The contribution of consumer spending has been weakening in 2017 and, having seen some of the early indicators of retail activity for October coming in on the soft side, we would caution against reading too much into any potential improvement in Q3 as far as consumption is concerned.

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