Hammond admits UK consumers hurt by pound's fall as GDP grows by 0.3%

Chancellor acknowledges 'pain' of inflation caused by post-referendum depreciation of sterling, after figures reveal scale of slowdown

Philip Hammond has admitted that consumers are suffering from the pound's sharp post-referendum fall, after what government statisticians have called a "notable slowdown" in growth in the first half of the year.

The economy grew by just 0.3% in the second quarter of 2017 following 0.2% expansion in the first three months of the year, Office for National Statistics figures showed.

Gross domestic product (GDP) is a key government statistic and provides a measure of the UK's total economic activity.

Related: Brexit economy: sterling fall hits public finances and fails to boost trade

Related: UK suffers 'notable slowdown' as GDP rises by 0.3% in second quarter of 2017 - business live