Economy Contracts Further Recession Update 4

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Uploaded by on Jul 25, 2009

The UK economy contracted 0.8% between April and June, more than double the figure economists had expected. While an improvement on the previous quarter, the figures may indicate that the recovery could take longer than previously had been thought. The contraction was much less than the 2.4% seen in the first quarter but was still above analysts' 0.3% prediction.
The latest figures take the annual rate of decline to 5.6%, the biggest fall since records began in 1955.
Liam Byrne, Chief Secretary to the Treasury, said that he was cautious but confident that growth was going to return at the end of the year. 24 July 2009

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