GDP growth in the UK slows more than expected to 0.5%

ONS data likely to delay any rate rise but construction slump and manufacturing recession deals blow to George Osborne

The already remote prospects of an interest rate rise from the Bank of England this year have all but disappeared after a recession in manufacturing and the biggest slump in construction output in three years slowed the UK economy by more than expected in the third quarter of 2015.

City analysts said news that the economy's rate of expansion eased to 0.5%, from 0.7% in the previous quarter, had ruled out an increase in the cost of borrowing until the spring or summer of next year.

Related: UK GDP growth figures released - live updates

GDP is 0.5%. UK continues to outperform other major economies. But global risks mean we go on with tough decisions to live within our means