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UK economy defies global credit crunch

The UK economy expanded at its fastest annual pace in more than three years, official data showed yesterday � revealing resilience in the face of a global credit crunch, but also reducing the chances of an interest rate cut this year.

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MARK SMITH, Deputy Business Editor

The UK economy expanded at its fastest annual pace in more than three years, official data showed yesterday - revealing resilience in the face of a global credit crunch, but also reducing the chances of an interest rate cut this year.