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  • The Bank of England reported on Monday that net lending in the third quarter by Funding for Lending participants was +£0.5bn higher than it was in the second quarter of the year. The data from the Bank are consistent with other sources that have shown personal and secured lending have both improved in the closing months of 2012.
  • The second estimate of GDP for the third quarter remained unchanged; GDP increased by 1% between the second and third quarter, however the fall in construction output was worse than previously expected falling 2.6% over the same period compared to the previous estimate of a 2.5% fall.

UK Economy

  • The ONS reported that business investment in the third quarter rose by £1.1bn to £31.3 compared to the second quarter, a rise of 3.7%. Compared to 2011 business investment was up by 4.5%.
  • Official statistics also reported that the index of services output increased by 1.1% in September compared to September last year. Compared to August the index fell by 0.5%. Distribution, hotels and restaurants saw the biggest gains in activity.
  • Manufacturing as measured by the Markit/CIPS survey was still contracting in in November, just at a slower rate. The headline activity index rose from 47.3 in October to 49.1 in November, any reading above 50 indicates growth.

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