Britain fails to emerge from recession
The latest official revision of UK economic output showed a smaller contraction than previously reported but still came in worse than commentators had been expecting.
UK gross domestic product fell by 0.2% in the three months to the end of September, less than the 0.3% published last month and the 0.4% original estimate.
The level of GDP is now 5.1% lower than in the same quarter a year ago and 6% below its peak in 2008 quarter one.
Recent business investment data and construction sector output for the third quarter had added to growing confidence that the UK shrank only 0.1%.
With Ireland now officially out of recession in the third quarter, the UK is the only G20 country that is still shrinking.
Another surprise piece of news in today's release was the shock rise in the household saving ratio which unexpectedly jumped to 8.6%.
Record numbers of people have been paying cash into investment trusts as they try and shore themselves up for an upcoming period of austerity.
citywire.co.uk
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