Uncle Spielberg
Well-known member
Truely disasterous figures.
The UK’s economic growth slowed down in the three months to June and is too weak to support a hike in the base rate, a leading think tank has warned.
The National Institute of Economic and Social Research says it estimates GDP grew by 0.1% in the three months ending in June, following growth of 0.5% in the three months ending in May.
This would suggest almost 10 months of zero growth in the UK as each increase is largely cancelled out by a contraction or near contraction in the following months.
.The NIESR’s report says: “The effects of one-off events in April have depressed the overall quarterly growth rate. However, even accounting for these factors the underlying rate of growth is still likely to be weak.
“These figures do not provide a picture of economic growth that would support a tightening of monetary policy at this juncture.”
The think tank says it believes the current period of depression, defined as when output is depressed below its previous peak, is likely to continue for some time, while GDP will not surpass its peak reached in early 2008 until 2013.
The UK’s economic growth slowed down in the three months to June and is too weak to support a hike in the base rate, a leading think tank has warned.
The National Institute of Economic and Social Research says it estimates GDP grew by 0.1% in the three months ending in June, following growth of 0.5% in the three months ending in May.
This would suggest almost 10 months of zero growth in the UK as each increase is largely cancelled out by a contraction or near contraction in the following months.
.The NIESR’s report says: “The effects of one-off events in April have depressed the overall quarterly growth rate. However, even accounting for these factors the underlying rate of growth is still likely to be weak.
“These figures do not provide a picture of economic growth that would support a tightening of monetary policy at this juncture.”
The think tank says it believes the current period of depression, defined as when output is depressed below its previous peak, is likely to continue for some time, while GDP will not surpass its peak reached in early 2008 until 2013.