UK economic growth slower than first thought before Omicron hit

The UK economy grew at a slower pace than first estimated between July and September, revised figures show.

The Office for National Statistics (ONS) said during the quarter, before Omicron took hold, consumer spending increased by 1.1%, rather than 1.3%, as Britain emerged from lockdown.

Analysts said one reason for the slower growth was due to several energy companies going out of business.

The economy is now 1.5% smaller than it was before the coronavirus pandemic.

Darren Morgan, director of economic statistics at the ONS, said the energy sector had "contracted more in September, than we previously estimated".

"With the economy reopening in the third quarter, households saved less in the latest period. However, household saving was still up on pre-pandemic levels," he added.