Britain is still in recession, it has been confirmed, despite a revision of economic figures showing the downturn not to be as bad as previously thought.
Last month, data from the Office for National Statistics showed that the estimated gross domestic product in the three months to September fell 0.4 per cent from the previous quarter, defying analysts’ expectations.
The new statistics, based on more accurate data that has subsequently become available, still showed a 0.3 per cent decline.
Such figures may indicate that there will still be many months to come before interest rates start to rise again, as inflation could stay low as a result of the wider economic situation.
This may help keep down the cost of taking out
Consumer Prices Index inflation data for October showed the rate to have risen to 1.6 per cent, compared with 1.1 per cent in September.
However, this remains below the government’s target rate of two per cent.