By Channel 4 News
Despite expectations that today’s official figures would show the recession had ended, output dropped by 0.4 per cent between July and September, meaning the UK has suffered six straight quarters of negative growth. It appears Britain’s dependence on the City has left the economy floundering. Faisal Islam reports.
The Office of National Statistics said British gross domestic product fell by 0.4 per cent between July and September. It means the economy has contracted for six successive quarters for the first time since records began in 1955.
Year-on-year, output shrank by 5.2 per cent, only marginally better than the record 5.5 per cent annual fall registered in the second quarter. The quarterly decline between April and June was unrevised at 0.6 percent.
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