Weaker growth in the huge services sector, especially in financial services, was behind the new, lower assessment of growth for the July-September period, the Office for National Statistics said on Wednesday.
The BoE has previously said it expects growth in the third quarter will eventually come in at 0.6 percent.
"There will be even less near-term pressure to raise interest rates," Philip Shaw, an economist with Investec, said.
Most economists have previously said they expect no move by the BoE until around May of next year. Financial markets expect no rate hike until late 2016 or early 2017.
In annual terms, overall economic growth in the third quarter was revised down to 2.1 percent from a previous reading of 2.3 percent.
Economists taking part in a Reuters poll had expected no change to the previous ONS estimates. Sterling briefly fell after the data and government bond prices edged up.
Britain has grown more quickly than most other developed economies over the past two years, helping Prime Minister David Cameron and finance minister George Osborne to lead their Conservative Party to an election victory in May.