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22/08/2008
Figures Confirm 'Weak' UK Economy
Britain's economic woes continue with figures in the second quarter of the year signalling the weakest performance since the big recession of the early 1990's, official figures show.
The Office for National Statistics (ONS) said Gross Domestic Product (GDP) was unchanged on the quarter in the three months to June, down from a preliminary estimate of 0.2% growth.
On the last year, GDP was 1.4% higher, revised down from an initial reading of 1.6%.
Brian Hillard, an economist at Societe Generale said "this really does put a cut firmly on the agenda although it is unlikely to come until we have seen the peak in inflation".
George Buckley, an economist at Deutsche Bank said "the figures are very weak and suggest the UK economy is already in recession".
The Bank of England is already preparing for the economy stand still over the next year and has said growth needs to slow to tame inflation which is running at more than double the banks target 2%.
The figures are likely to add further fuel to the doubts of the Prime Minister's leadership.
In the government's defence, high oil prices and a credit crunch are stinging economies across the world.
Manufacturing output fell by 0.8% on the quarter, the weakest since the first quarter of 2005. Consumer output, fell by 1.1% on the quarter.
Household spending fell by 0.1% on the quarter, its weakest since the second quarter of 2005.
(DS)
The Office for National Statistics (ONS) said Gross Domestic Product (GDP) was unchanged on the quarter in the three months to June, down from a preliminary estimate of 0.2% growth.
On the last year, GDP was 1.4% higher, revised down from an initial reading of 1.6%.
Brian Hillard, an economist at Societe Generale said "this really does put a cut firmly on the agenda although it is unlikely to come until we have seen the peak in inflation".
George Buckley, an economist at Deutsche Bank said "the figures are very weak and suggest the UK economy is already in recession".
The Bank of England is already preparing for the economy stand still over the next year and has said growth needs to slow to tame inflation which is running at more than double the banks target 2%.
The figures are likely to add further fuel to the doubts of the Prime Minister's leadership.
In the government's defence, high oil prices and a credit crunch are stinging economies across the world.
Manufacturing output fell by 0.8% on the quarter, the weakest since the first quarter of 2005. Consumer output, fell by 1.1% on the quarter.
Household spending fell by 0.1% on the quarter, its weakest since the second quarter of 2005.
(DS)
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