UK GDP falls in September quarter, looming threat of recession

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Mumbai: Britain's economic growth rate (GDP) declined by 0.10 percent in the July to September quarter. The decline, after the rate was flat in the June quarter, signals Britain is on the brink of recession.

Britain's Finance Ministry is claiming that the country's economy is not as bad as the statistics suggest. A statement issued by the Ministry of Finance said that the medium-term outlook for the UK economy appears to be more optimistic than the figures.

Retail sales in Britain were 1.30 percent higher in November than in October.

The test for the Bank of England is whether to cut interest rates as the economy slows. Because inflation is still running high in Britain.

Inflation in Britain fell to a two-year low of 3.90 percent in November, but inflation remained high, the Finance Ministry said earlier. Because the Bank of England has a target of bringing inflation down to two percent.


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