British economy in longest-ever recession
British economy in longest-ever recession
Friday 23rd October 2009
The UK economy has maintained its fall, contracting by 0.4 per cent between July and September.The figures released today show the UK is still in recession, despite it being widely expected that a return to growth was on the cards.
The data from the Office of National Statistics (ONS) show gross domestic product (GDP) has now contracted for six consecutive quarters; the first time this has happened since records began in 1955.
However, the ONS warned the figure could still be revised, as this was only the first estimate. Over the last year the economy has contracted by 5.2 per cent.
It was hoped today's quarterly figures would show growth of 0.2 per cent, but all areas of the economy saw a down-turn, particularly prevalent in mining and services.
TUC general secretary Brendan Barber said: "This is now the longest recession in modern economic history.
"Even the co-ordinated world-wide stimulus has not been able to halt the damage done by the financial crash."
"These worse than expected figures should head off the growing signs of complacency.
"The economy is still extremely fragile."
Figures show the pound fell more than a cent against the US dollar following the release of the ONS figures, with traders particularly concerned that the UK may turn out to be the only major economy still in recession.
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