british economy grinds to virtual halt
Last Updated : GMT 22:38:51
Arab Today, arab today
Arab Today, arab today

British economy grinds to virtual halt

Arab Today, arab today

Arab Today, arab today British economy grinds to virtual halt

London - Arabstoday

Britain\'s economy slowed to a trickle in the second quarter and the country\'s last recession was much deeper than thought, official data showed on Wednesday, piling pressure on the government. British gross domestic product (GDP) -- the value of all services and goods produced in the economy -- grew by just 0.1 percent in the three months to June from the first quarter, the Office for National Statistics said in a statement. The figure compared with the previous official estimate for growth of 0.2 percent. GDP growth for the first quarter, or three months to March, was also trimmed to 0.4 percent from a prior reading of 0.5 percent. \"The weakness of growth in both quarters, particularly the second quarter, reflects a number of pressures that are being felt in the wider economy by both business and households,\" the Office for National Statistics said. The data sparked fresh speculation that the Bank of England could decide to pump more cash into the economy, at the conclusion of its monetary policy meeting on Thursday. Britain\'s growth figures were published amid heightened concern on international markets that the fast-moving eurozone debt crisis and the sluggish US economy could plunge the world into another fierce global downturn. Following Wednesday\'s data, Britain\'s coalition government faced fresh calls to cut back on its deficit reduction programme in a bid to boost economic growth, but Prime Minister David Cameron insisted on sticking to the plan. \"The only way out of a debt crisis is to deal with your debts. That means households -- all of us -- paying off the credit card and store card bills,\" Cameron was expected to tell his Conservative party\'s conference on Wednesday. \"It means banks getting their books in order. And it means governments all over the world cutting spending and living within their means,\" he added in leaked extracts of his speech. Following Wednesday\'s growth data, a spokesman for the Treasury said Britain\'s economy was recovering from the deepest recession of any major economy except Japan. The ONS also revealed on Wednesday that the 2008/2009 recession was much deeper than previously thought -- but ended three months sooner than first estimated. \"Although shorter (than expected), the downturn is now estimated to have been deeper than previously published, with a peak-to-trough fall of 7.1 percent, rather than the 6.4 percent previously estimated,\" it said. Britain actually emerged from recession in the third quarter of 2009, rather than during the final three months as previously thought. Britain\'s economy meanwhile limped through the second quarter amid a sharp 0.8-percent drop in consumer spending and a 1.2-percent slide in the production industries. The ONS noted that changes in calculation methods added to the downward revisions. \"Growth in the first and second quarters of 2011 have both been revised down by 0.1 percentage points. This is due to a combination of methodological changes, classification changes and the inclusion of new data,\" it said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british economy grinds to virtual halt british economy grinds to virtual halt

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british economy grinds to virtual halt british economy grinds to virtual halt

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday