Breaking News: UK recession less deep than feared

It has just been announced by the ONS that the UK is not as deep into recession as initially thought.

The figures released by the Office for National Statistics report that the economy contracted 0.5% rather than the 0.7% previously announced.

The increase in figures as come from the construction sector which has weathered the economic crisis better than expected.

The original figures, when they were released in July, received widespread scepticism from critics and experts.

The Bank of England has said that the Jubilee Bank Holiday probably knocked 0.5% off the economy’s growth meaning, the UK economy was more likely to be flat rather than negative.

Today’s announcement is likely to counteract the news that there was a rise in public borrowing in July.

The Office for National Statistics often refines it’s GDP figures as more information and more accurate data is revealed.

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