The UK economy

It’s official, we’re in recession

Official statistics have confirmed what we already knew last year, the UK economy is officially in recession. This has also fuelled speculation that the Bank of England could eventually reduce interest rates to zero.

  • UK economy shrank by 1.5 per cent in final quarter of 2008
  • Official figures have confirmed that Britain is in the grip of recession, with the worst economic output figures since 1980
  • Gross Domestic Product shrank by
    1.5 per cent in the last quarter of 2008 on top of a 0.6 per cent fall the previous quarter, according to figures from the Office of National Statistics
  • The last time GDP fell by more was in 1980 when it contracted 1.8 per cent
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