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UK economic growth of 0.5% - what does this mean for us?

Statistics released today by the Office of National Statistics show that the UK economy grew by 0.5 per cent in the third quarter of 2011, boosted by growth in the production and service sectors.  This news may come as a surprise given the latest Take Home Pay Index figures released by VocaLink, which reveal that annual real take home pay in the three months to September is down across all VocaLink sectors compared with a year ago.