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GDP figures confirm acute recession risks

22/08/08 | 11:31

Commenting on the revised GDP figures for the second quarter of 2008 released today by the ONS, David Kern, Economic Adviser to the British Chambers of Commerce, said:

"The revised GDP figures confirm that the Office of National Statistics' original second quarter estimate was too optimistic. The messages signalled by our Quarterly Survey were more realistic. Today's figures show that manufacturing and construction declined in the second quarter, and total GDP stagnated.

"Given the heightened threats of UK recession it is vital that the MPC starts cutting interest rates in October or November, as soon as it is clear that CPI inflation has peaked."

Ends

Media Contacts:

Fiona Cunningham
Tel: 020 7654 5812
Email: f.cunningham@britishchambers.org.uk

Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk

Notes to Editors:

The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.

Other related links: STRONG GDP FIGURES WILL REINFORCE PRESSURE FOR HIGHER INTEREST RATES
[20/07/07 11:15]

Commenting on today’s GDP figures, David Kern, BCC Economic Adviser said:; PRELIMINARY GDP FIGURES GIVE MISLEADINGLY STRONG IMPRESSION
[19/10/07 10:07]

Commenting on today’s preliminary GDP figures for Q3 2007 published by the ONS, David Kern, BCC Economic Adviser said:

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