UK economy grows by 0.7% in third quarter despite high oil prices

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Inman, P. (2026, November 12). UK economy grows by 0.7% in third quarter despite high oil prices. The Guardian. https://www.theguardian.com/business/2026/nov/12/uk-economy-grows-third-quarter-oil-price-ons-gdp

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Quick Summary

The UK economy grew by 0.7% in the third quarter, as predicted by financial analysts, despite high oil and gas prices following conflicts in the Middle East. The Office for National Statistics reported that economic growth was 0.2% in September but revised August's growth rate to zero from an initial estimate of 0.1%. Oil prices rose above $100 a barrel in September while natural gas prices were about three times higher than in February before the conflict.

Written by AI on 2026-11-12, from this article's own text only.

AI analysis

Why this leaning score

This article does not take a side on a contested political question, so it has no leaning score. That is an answer rather than a gap: a match report or a rescue can be warmly or critically written without being left or right, and scoring it anyway is how approval of a subject gets recorded as a political position.

No political leaning scored for article 147265 · logged 2026-11-12

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This article reads unscored and hedges 0% of its claims. Each row says how that neighbour differs.

UK economy grows 0.7 per cent as AI boom lifts business investment Same event

City AM

Hedges 4 of 17 claims Outlet record 94/100

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Claims extracted

sentences that state something as happening or true

Uncertain

0 of 8 hedged ("reportedly", "may", "according to")

Leaning

not political

takes no side on a contested political question

Publisher signals

65/100

The Guardian's corrections and hedging, across everything collected from it. Not a measure of accuracy.

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not grouped into a story yet

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articles that frame the event the way this one does

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The Guardian · 3321 article(s) · 7 correction(s) detected

Running correction rate · 7 correction(s)

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Who wrote this

Phillip Inman

9 article(s) here · 0 carrying a prediction

“Inflation is set to rise above 4% in the new year, just as most pay awards for 2027 are being agreed, so the risk that it becomes embedded is rising. “

2026-11-11 · assertive framing · Bank of England’s inflation response ‘risks higher interest rates for longer’

Many people will be incredulous when they hear of the decision to increase the cost of borrowing by 0.25 percentage points, looking around their neighbourhood for signs of a booming economy. The official figures show the economy has proved resilient in response to the jump in oil and gas prices after the outbreak of war in Iran, but UK high streets are struggling and the underlying drivers of inflation are absent.

2026-11-05 · assertive framing · Interest rate rise in midst of cost of living crisis will leave many incredulous

The Resolution Foundation said on Thursday that measures to ease household gas and electricity costs would still leave energy bills higher this year than during the last energy shock.

2026-10-29 · assertive framing · ‘Scattergun’ budget will still leave Britons facing higher energy bills, says leading thinktank

John Healey will present his first budget on Wednesday, which will set the tone for Andy Burnham’s premiership.

2026-10-28 · mixed framing · What to expect from John Healey’s first budget: who wins, who pays?

The threat of a renewed round of inflation from the persistently high cost of oil has spooked investors, who believe central banks will be forced to raise rates in the coming months to prevent price increases from becoming embedded.

2026-10-01 · assertive framing · Global bond sell-off intensifies, as UK long-term borrowing costs pass 6%

The UK is losing out on annual exports to the EU that could be worth as much as £6.5bn without a deal with Brussels that allows manufacturers to jettison duplicate product testing.

2026-09-24 · mixed framing · UK losing up to £6.5bn a year in EU trade due to mismatched product rules

Attacks on the government’s independent economic forecaster from left and right of the political spectrum are akin to “shooting the messenger”, according to an influential group of MPs.

2026-09-23 · assertive framing · Critics of UK government’s economic forecaster are ‘shooting the messenger’, say MPs

The chancellor could announce tax rises in his first budget to offset the rising cost of government borrowing, which has soared in response to the conflict in the Middle East.

2026-09-21 · assertive framing · Fears over interest rate rise and jobs send UK consumer confidence to three-year low

Also by Phillip Inman

Bank of England’s inflation response ‘risks higher interest rates for longer’

2026-11-11 · The Guardian

Interest rate rise in midst of cost of living crisis will leave many incredulous

2026-11-05 · The Guardian

‘Scattergun’ budget will still leave Britons facing higher energy bills, says leading thinktank

2026-10-29 · The Guardian

What to expect from John Healey’s first budget: who wins, who pays?

2026-10-28 · The Guardian

Nothing else under this byline is closely related to this article, so these are simply their most recent.

All 9 articles by Phillip Inman →

Topics

City Iran Israel ONS The Office for National Statistics

Subjects

ONS ORG · 2× City ORG · 1× Iran GPE · 1× Israel GPE · 1× John Healey PERSON · 1× The Office for Budget Responsibility ORG · 1× The Office for National Statistics ORG · 1× the Bank of England ORG · 1×

Narrative

The Office for National Statistics said a jump in the cost of petrol, diesel and natural gas prices following the re-escalation of the conflict in the Middle East played an important role in restricting economic growth in the three months to the end of September.

framing: assertive · carried by 1 article(s) · first seen 2026-11-12

2026-11-12 · The Guardian

UK economy grows by 0.7% in third quarter despite high oil prices · assertive framing

Claims (8 extracted, 0 hedged)

The UK economy grew by 0.7% in the third quarter, as expected by City analysts, confirming that consumers and businesses remained resilient despite high oil and gas prices. asserted

consumers → grow → prices

jump → say → September

In a boost to the chancellor, John Healey, the ONS also said the economy grew by 0.2% in September, though the ONS revised down the growth rate in August from 0.1% to zero. asserted

ONS → say → zero

Economists had expected month-on-month growth of 0% in September and a jump of 0.7% over the three months to the end of September. asserted

Economists → expect → September

Oil prices have dropped in recent days, but in September rose above $100 a barrel, remaining above that threshold until earlier this month. asserted

prices → drop → month

The Office for Budget Responsibility said at the time of the budget in November that it expected the economy to expand by 1.2% this year, which already looks out of date as growth continues to exceed expectations. asserted

growth → say → expectations

Policymakers at the Bank of England voted last week to raise interest rates by a quarter of a percentage point to 4% to cool inflationary pressures in the economy. asserted

Policymakers → vote → economy

Inflation has risen this year mostly in response to higher motor fuel prices, which in the UK have pushed the cost of petrol above £1.70 a litre and diesel towards an average of £2 a litre. asserted

which → rise → 2

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