Menu
24/05/2012
UK's Economy Slips Further Into Recession
Britain's economy contracted by 0.3% in the first three months of the year, faster than previously thought the Office for National Statistics (ONS) have said.
George Osborne will now face increasing pressure to explain how the coalition plans to drag the country out of recession.
The ONS said the downturn in the construction sector between January and March was even more pronounced than it had initially projected, pushing its overall measure of GDP growth down to -0.3%, from a first estimate of -0.2%.
The downturn was of the same magnitude as the contraction in the final quarter of 2011, undermining hopes that the economy was moving towards recovery.
"Over the past eighteen months, the economy has experienced a mild contraction in output. This reflects global economic headwinds as well as domestic economic conditions such as the impact of continuing high rates of inflation in the UK," the ONS said.
Deputy Prime Minister Nick Clegg suggested earlier this week that the coalition plans to expand its policy of credit easing, using government guarantees to kickstart spending on infrastructure and housing to boost the economy.
(H)
George Osborne will now face increasing pressure to explain how the coalition plans to drag the country out of recession.
The ONS said the downturn in the construction sector between January and March was even more pronounced than it had initially projected, pushing its overall measure of GDP growth down to -0.3%, from a first estimate of -0.2%.
The downturn was of the same magnitude as the contraction in the final quarter of 2011, undermining hopes that the economy was moving towards recovery.
"Over the past eighteen months, the economy has experienced a mild contraction in output. This reflects global economic headwinds as well as domestic economic conditions such as the impact of continuing high rates of inflation in the UK," the ONS said.
Deputy Prime Minister Nick Clegg suggested earlier this week that the coalition plans to expand its policy of credit easing, using government guarantees to kickstart spending on infrastructure and housing to boost the economy.
(H)
Related UK National News Stories
Click here for the latest headlines.
27 January 2015
ONS Figures Show Economy Growth
New figures from the Office for National Statistics (ONS) have revealed that the UK economy grew by 2.6% in 2014, the largest growth in seven years. Despite the overall growth the ONS figures also show that growth slowed slightly in the final quarter of the year, with the last three months of 2014 closing on 0.5% growth, compared to 0.
ONS Figures Show Economy Growth
New figures from the Office for National Statistics (ONS) have revealed that the UK economy grew by 2.6% in 2014, the largest growth in seven years. Despite the overall growth the ONS figures also show that growth slowed slightly in the final quarter of the year, with the last three months of 2014 closing on 0.5% growth, compared to 0.
30 September 2014
UK Economy Grows By 0.9% – ONS
The UK's economy grew by 0.9% in the second quarter of 2014, newly-released figures have revealed. According to the Office for National Statistics (ONS), UK GDP was also 3.2% higher in the second quarter, compared to a year earlier.
UK Economy Grows By 0.9% – ONS
The UK's economy grew by 0.9% in the second quarter of 2014, newly-released figures have revealed. According to the Office for National Statistics (ONS), UK GDP was also 3.2% higher in the second quarter, compared to a year earlier.
28 January 2014
ONS Figures Show Growth In UK Economy
New figures from the Office for National Statistics (ONS) have shown that the UK economy grew by 1.9% in 2013, despite gross domestic product falling by 0.1%, finishing the final quarter at 0.7%. Chancellor George Osborne has said that the numbers are a boost to economic security and further evidence that the governments economic plan is working.
ONS Figures Show Growth In UK Economy
New figures from the Office for National Statistics (ONS) have shown that the UK economy grew by 1.9% in 2013, despite gross domestic product falling by 0.1%, finishing the final quarter at 0.7%. Chancellor George Osborne has said that the numbers are a boost to economic security and further evidence that the governments economic plan is working.
25 January 2013
ONS Revealed Economy Fell 0.3% At End Of 2012
New figures from the Office for National Statistics (ONS) have revealed that the UK economy shrank by 0.3% in the last three months of 2012. The news has fueled further speculation that the economy could re-enter recession.
ONS Revealed Economy Fell 0.3% At End Of 2012
New figures from the Office for National Statistics (ONS) have revealed that the UK economy shrank by 0.3% in the last three months of 2012. The news has fueled further speculation that the economy could re-enter recession.
29 April 2014
0.8% Growth For UK Economy
The UK economy has grown by 0.8% in the first quarter of 2014, official figures have claimed. This is the fifth consecutive increase in GDP growth. However, the Office for National Statistics (ONS), which published the findings, said the economy remains 0.6% smaller than its peak of 2008.
0.8% Growth For UK Economy
The UK economy has grown by 0.8% in the first quarter of 2014, official figures have claimed. This is the fifth consecutive increase in GDP growth. However, the Office for National Statistics (ONS), which published the findings, said the economy remains 0.6% smaller than its peak of 2008.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
