Shares in British banks were broadly up on the FTSE 100 in morning trading despite signs that the economy is not as strong as previously believed.

This morning the Office for National Statistics issued its third estimate for GDP for the third quarter of this year.

The ONS said that GDP growth was 0.7 per cent in the third quarter, down from the 0.8 per cent it recorded in its second estimate.

The figure is also below the 1.1 per cent growth reported for the second quarter, a figure which was also cut from 1.2 per cent today.

The news did little to worry investors in banking shares however.

By 10:10 shares in Lloyds Banking Group were up 0.66 per cent to 68.94 pence per share, RBS shares increased 1.72 per cent to 40.87 pence per share and Barclays shares rose 0.13 per cent to 268.70 pence per share.

HSBC however saw its shares decline 0.01 per cent to 662.70 pence per share.

Overall the FTSE 100 was up 0.08 per cent to 5,956.69.