The Liberal Democrats are campaigning today about the Labour government decision to extend the England bus fare cap for another year, but to raise the cap 50% from a maximum from £2 to £3.

Transport spokesperson Paul Kohler told listeners of Times Radio that the government could easily find the money to keep the cap at £2, saying:

The costs are pretty marginal. We could easily fund that by reversing the Tory tax cut on banks, or by taxing social media companies properly. And most importantly, we need to grow the economy.

He suggested that the rise from £2 to £3 would have a huge impact on people, saying:

We are talking about a 50% increase in costs. So if you use a bus going to work every day in a rural area, it’s adding £600 a year to your costs. And remember, the most vulnerable in society use buses. They are the people who suffer from this.

He said ultimately the move would harm growth, suggesting that one in five people had said the raise would decrease their bus usage for social and hospitality reasons.

“Each of these marginal costs make growing the economy more difficult,” he said.

Heather Stewart

My colleague Heather Stewart has this analysis of today’s GDP figures:

Few could have expected Labour to kickstart an economic renaissance from day one, despite its “mission” to deliver the highest sustained growth in the G7.

But the data will worry the Treasury for two reasons: first, it shows the scale of the challenge ahead; and second, it raises the question of whether the grim mood deliberately created over the summer dented confidence and held back growth.

Of course, many of Labour’s plans for triggering growth are long term, involving knotty structural problems such as planning and infrastructure. And growth had always been expected to slow, after bouncing back strongly from last year’s brief recession to expand by 0.7% in the first quarter of the year, and 0.5% in the second quarter.

But some business groups and analysts were quick to point the finger at the government.

You can read more of Heather Stewart’s analysis here: Few expected Britain to boom but the GDP figures will worry the Treasury

In their reaction to the GDP figures this morning, the Liberal Democrats have said they show the “scale of the challenge” after “years of reckless mismanagement” by the Tories.

The UK economy slowed to a near-standstill, growing by just 0.1% in the third quarter of the year, down from 0.5% in the second quarter.

Treasury spokesperson Daisy Cooper said:

Today’s disappointing figures underline the scale of the challenge facing our economy after years of reckless mismanagement by the previous Conservative government.

After a budget promising to deliver little by way of growth and an unfair tax on small businesses, we need to see a real growth plan from the government.

These additional taxes could be the final nail in the coffin for the many small businesses that are already struggling. It’s the last thing our economy needs to get it out of the slow lane.

Chancellor Rachel Reeves has says she is not satisfied with the latest GDP figures, which shadow chancellor Mel Stride also described this morning as “disappointing”.

The UK economy slowed to a near-standstill in the third quarter as uncertainty surrounding Labour’s first budget and high interest rates weighed on business and consumer spending.

Reeves said: “Improving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers.”

She added:

At my budget, I took the difficult choices to fix the foundations and stabilise our public finances. Now we are going to deliver growth through investment and reform to create more jobs and more money in people’s pockets, get the NHS back on its feet, rebuild Britain and secure our borders in a decade of national renewal.

Shadow chancellor Mel Stride said on Sky News that the numbers were “extremely disappointing,” and blamed the Labour government which took power a few days into the third quarter. Pointing out that growth in the US was much higher, Stride said:

I think a lot of that is because this government, on coming to office, talked down the UK economy.

And it did that because it always planned to jack up taxes in the way that it has in the budget, and wanted to make out there was a bigger problem than there was.

We heard about all this fictitious black hole and so on. We’re seeing the consequences of that.

Good morning and welcome to our UK politics coverage for Friday. Here are your headlines …

• The UK economy slowed to a near-standstill with growth of just 0.1% in the third quarter of the year as uncertainty surrounding Labour’s first budget and high interest rates weighed on business and consumer spending

• Chancellor Rachel Reeves said: “Improving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers”

• Shadow chancellor Mel Stride has been on the media round, describing the figures, which do partly cover a brief period when his party were still in government, as “disappointing”

• The Bank of England governor Andrew Bailey has urged ministers to “rebuild relations” with the EU, warning that Brexit has undermined the UK’s economy

• Leading Tories Robert Jenrick and Oliver Dowden were on the committee that backed plans for the “rushed and misjudged” £15m purchase of an asbestos-ridden site for asylum accommodation

• The Liberal Democrats are campaigning about bus fares in England. Ed Davey is expected to do a bus-driving stunt later today

The Lords are sitting today, but there is no business in any of the devolved parliaments or assemblies.

It is Martin Belam with you this Friday. The best way to get in touch is email – martin.belam@theguardian.com.