UK economic growth slows to 0.3%

The rate of economic growth halved in the three months to the end of March, according to official figures from the ONS. The UK economy grew by 0.3% in the quarter, which compared to 0.6% in the last three months of 2014. The ONS said the economy was 2.4% larger than the same period a year earlier. Growth of 0.5% in the services industry was offset by a 1.6% fall in the pace of economic output in construction. Vicky Redwood, chief UK economist at Capital Economics, said the slowdown in the economy "should just be temporary" and that quarterly economic growth should return to between 0.7% and 0.8% later in the year.