IT is telling indeed that sterling received no lasting boost at all yesterday from news that UK growth did not slow as sharply as feared in the third quarter. What might be viewed by the Brexiters as a stubborn refusal by the pound to move higher must surely reflect an acute awareness of the woes the Brexit vote will ultimately bring.

And it is interesting, as well as very disappointing, that UK manufacturing output tumbled in the third quarter even though this sector should have been helped significantly in overseas markets by the pound’s plunge since the UK electorate’s June 23 vote to leave the European Union.

In terms of awareness of what Brexit actually means, from an economic perspective, you need only look at Chancellor Philip Hammond’s response to yesterday’s third-quarter gross domestic product (GDP) data from the Office for National Statistics.

Mr Hammond reiterated an intention to take steps in his Autumn Statement next month to attempt to stimulate the UK economy, as it faces up to the consequences of the Brexit vote.

He said: “I think it is right that we still prepare to support the economy during the coming period to make sure that we get through this period of uncertainty. All the forecasters suggest that next year will be slower.”

His tone was notably at odds with some of the triumphalism of the Brexit diehards. Perhaps those with an unflinching belief that Mighty Blighty will escape unscathed from the economic and political shambles created by the Brexit vote should take note of Mr Hammond’s tone.

In this context, we should bear in mind Mr Hammond appears to be doing his very best to put the bravest of faces on the UK’s economic prospects following the Brexit vote.

The pound rose modestly in the immediate wake of the 9.30am release of the third-quarter GDP figures, which showed better-than-expected growth of 0.5 per cent, but these gains proved fleeting indeed.

Sterling was at 5pm in London trading around $1.2171, down by 0.62 cents on its Wednesday close. It was trading close to $1.50 ahead of the referendum result. The pound also lost ground against the euro yesterday.

If Mr Hammond’s cautious comments are not enough to persuade Brexit fans that third-quarter GDP growth does not change the weak UK outlook, the pound’s drop surely provides further compelling evidence.

Economists had forecast UK growth would slow to 0.3 per cent in the third quarter, from 0.7 per cent in the preceding three months.

It is worth noting third-quarter growth, equivalent to an annualised pace of two per cent, is well adrift of a long-term average put by Bank of England Governor Mark Carney at about 2.75 per cent. And the composition of third-quarter growth is unappealing. Expansion was driven by 0.8 per cent growth in services, with manufacturing output tumbling by one per cent and the construction sector contracting by 1.4 per cent.

While noting many manufacturers had enjoyed a “bounce” during the summer, partly because of the lower exchange rate, British Chambers of Commerce warned many had found themselves on the wrong side of currency movements, facing increased costs for imported components.

The forecasters, as Mr Hammond noted, do expect the sharp slowdown in UK growth to come next year.

Given the scale of the trouble ahead, it is not surprising the UK Government appears to be, albeit seemingly frantically, pulling out all the stops to show it is doing anything it can to boost the Great British economy following the Brexit vote. It also seems at pains to make as much noise about its efforts as possible. We have even had the absolutely incredible idea from the Conservative ranks that sailing a new royal yacht around the world could make all the difference as the UK casts around for trade deals.

Since Theresa May became Prime Minister, the UK Government has agreed to the construction of a new nuclear power station at Hinkley Point in Somerset by French state-owned EDF (Electricite de France) and China General Nuclear Power Corporation.

This week, we have had the UK Government give the go-ahead for a third runway at Heathrow Airport.

And the UK Government appears to have been bending over backwards to ensure Nissan commits to its Sunderland plant, in spite of the Japanese car giant’s entirely understandable fears over Brexit.

It was a relief yesterday to hear Nissan was committing to build the next generation of its Qashqai and X-Trail sports utility vehicles at Sunderland, not elsewhere in Europe.

But it says much of the extraordinary times in which the UK finds itself, and the challenges ahead, that this investment seems to have been won with a promise from the Westminster Government of extra support to counter any loss of competitiveness caused by the UK leaving the EU.

Given the uncharted territory, and what has often since the Brexit vote looked like desperation on economic matters from the UK Government, maybe we should not be surprised to see what appear to be growing tensions between Mrs May and the Bank of England over monetary policy.

The Bank is already in a difficult enough position. Given the grim outlook for next year, there is an argument for cutting benchmark UK interest rates even further from their record low of 0.25 per cent. But sterling weakness is pushing up inflation. Stagflation is a big danger.

And Mr Carney was right this week to reiterate the Bank must be left alone to get on with setting monetary policy. Amid the developing UK economic problems, and nervousness around sterling, the last thing we need is any question over the Bank’s independence.