UK economy shrinking at fastest rate in 51 years
The UK economy contracted 2.4% in the first quarter of 2009, its biggest quarterly decline in 51 years, according to the latest official data. The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. The Office for National Statistics (ONS) blamed the sharp revision primarily on weaker output in the construction and manufacturing sectors. It also said the recession started earlier than first thought last year. The ONS now says the recession began during the second quarter of 2008 rather than during July to September, so that the recession has now been running for a whole year. The ONS said economic output shrank 4.9% during the first quarter of 2009 compared with the first quarter of 2008, the biggest year-on-year fall on record. The figures will make it more difficult for the Treasury to reach its forecast of a 3.5% decline in the UK economy for the year, made in the April Budget. But the Chief Secretary to the Treasury, Liam Byrne, said it would not be revising its forecast. snip http://news.bbc.co.uk/1/hi/business/8125898.stm That's what 12 years of Labour economic policy gets you.
The UK economy contracted 2.4% in the first quarter of 2009, its biggest quarterly decline in 51 years, according to the latest official data. The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. The Office for National Statistics (ONS) blamed the sharp revision primarily on weaker output in the construction and manufacturing sectors. It also said the recession started earlier than first thought last year. The ONS now says the recession began during the second quarter of 2008 rather than during July to September, so that the recession has now been running for a whole year. The ONS said economic output shrank 4.9% during the first quarter of 2009 compared with the first quarter of 2008, the biggest year-on-year fall on record. The figures will make it more difficult for the Treasury to reach its forecast of a 3.5% decline in the UK economy for the year, made in the April Budget. But the Chief Secretary to the Treasury, Liam Byrne, said it would not be revising its forecast. snip http://news.bbc.co.uk/1/hi/business/8125898.stm That's what 12 years of Labour economic policy gets you.