Foreign trade poses major drag on UK economic growth

Foreign trade put the biggest drag on record on British economic growth last quarter, as a weakening global economy and surging demand for imports slowed Britain’s recovery from the financial crisis, data showed.

The economy grew 0.5% in the third quarter, said the Office for National Statistics, confirming a preliminary reading and slowing from 0.7% growth between April and June.

The slowdown reflects a global weakening led by emerging markets such as China, while exporters have struggled with the rise in sterling.