Belfast Telegraph

Thursday 21 August 2014

Britain avoids triple-dip recession

Relief: Chancellor of the Exchequer George Osborne
Relief: Chancellor of the Exchequer George Osborne

The UK has avoided an unprecedented triple-dip recession after the economy grew by a better-than-expected 0.3% at the start of the year, official figures revealed today.

The first estimate from the Office for National Statistics (ONS) means the UK has been pulled back from the brink of its third recession since the financial crisis struck in 2008, reversing a 0.3% contraction in the final three months of 2012.

The figures showed the impact of the snow at the start of the year was not as bad as feared, with weather-hit trading on the high street offset by a boost in energy demand as households ramped up their heating during the cold snap.

Deputy Prime Minister Nick Clegg told LBC 97.3 radio: "That's a better number than I think many people had been anticipating, but it's one number for one quarter.

"We haven't triple-dipped, so that's obviously a welcome thing, but I don't want anyone to think that somehow we are out of the woods yet.

"We have still got a lot of work to do. The healing of the British economy is taking longer than we had anticipated and we will continue to work hard to make sure the country and the economy grow from strength to strength."

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Latest News

Latest Sport

Latest Showbiz