By Jonathan Davies

The UK economy grew slower in the past year than previously thought, according to new figures from the Office for National Statistics (ONS).

Revised figures confirmed that the economy grew by 0.7% in the third quarter, but a revision to previous figures suggest that the economy grew by 2.6% over the past year, not 3%.

It means the UK economy is now only 2.9% stronger than prior to the financial crisis. Based on previous figures, it had been thought that the economy was 3.4% above its pre-crisis peak.

In separate figures released today (Tuesday), the ONS said that the deficit grew by £2.7bn in the third quarter of 2014.

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