Pound edges up as UK economy grows by 0.3% in second quarter - as it happened

• UK retail sales weakest for more than a year
• UK GDP growth confimed at 0.3% but exports and consumer spending weak
• UK sees slowest growth among G7 countries
• Spanish economy continues good performance
• UK car production accelerates in July

2.21pm BST

The UK economy grew by 0.3% in the third quarter, in line with the initial estimates.

But consumer spending, exports and business investment all proved disappointing. The weak pound following the Brexit vote has hit people's pockets but not proved as much of a benefit to exporters as expected. The consumer squeeze left retail sales at their weakest since July 2016, according to the CBI.

1.47pm BST

On the US jobs figures, Dennis de Jong, managing director of UFX.com, said:

Today's initial jobless claims data, while up from last month, will be welcome news for President Trump as his government continues pointing to solid labor market figures as the benchmark for economic strength.

The US President took to social media earlier this week to claim his tenure at the White House has already created over one million jobs and, while figures may be debated, jobless claims look to be heading towards a multi-decade low.