UK limps out of worst-ever recession
UK limps out of worst-ever recession
Tuesday 26th January 2010
Official estimates have today confirmed that Britain finally came out of recession last year - but only by the narrowest of margins.Economists from the Office for National Statistics said the UK economy grew by 0.1 per cent in the final quarter of 2009.
Although the figures mark the first time GDP has risen since the first quarter of 2008, analysts had been expecting a more substantial recovery at 0.4 per cent, while GDP was 5.9 per cent below its previous peak.
Britain has been in recession since the second quarter of 2008, making it the country's worst slump since the second world war.
Today's figures are technically only provisional, with the ONS prone to updating or revising estimates in the weeks after release due to more information being made available.
But if confirmed at a later date, the figures mean Britain has finally joined the rest of the G8 in recording positive economic growth.
Britain is the first major advanced economy to release fourth quarter GDP figures, with the strength of the recovery expected to influence the rest of the eurozone.
Yesterday Gordon Brown and David Cameron set out their stalls for restoring the country's economy.
The Conservatives have pledged to start working on cutting the record £178 billion deficit straight away if elected in this summer's general election, a move the prime minister believes could see a return to the "lost generation" of the 1980s.
Related News
End of recession fails to impress markets - 26/01/10
The FTSE 100 fell in early trading on Tuesday, despite Britain appearing to emerge from its worst recession since the end of the second world war
The FTSE 100 fell in early trading on Tuesday, despite Britain appearing to emerge from its worst recession since the end of the second world war
PM to ignore Cameron 'shouting' over deficit - 26/01/10
Gordon Brown has dismissed complaints by David Cameron that the government is not doing enough to reduce the country's deficit as "shouting"
Gordon Brown has dismissed complaints by David Cameron that the government is not doing enough to reduce the country's deficit as "shouting"
Miners push FTSE down despite banking rally - 25/01/10
A continued banking shares rally on Monday was not enough to push the FTSE 100 into an improved closing price as miners dragged the index down
A continued banking shares rally on Monday was not enough to push the FTSE 100 into an improved closing price as miners dragged the index down
Ferrero declares itself out of Cadbury race - 25/01/10
Italian firm Ferrero has today confirmed it's pulling out of the battle to takeover British chocolate institution Cadbury
Italian firm Ferrero has today confirmed it's pulling out of the battle to takeover British chocolate institution Cadbury
Goldman Sachs pay and bonuses 'capped at £1m' - 25/01/10
Goldman Sachs's 100 UK-based partners are capping their pay and bonuses at £1 million each, reports claim
Goldman Sachs's 100 UK-based partners are capping their pay and bonuses at £1 million each, reports claim
News Article Search
Quick Apply
News Archive