UK recession is ‘over’ claims think tank - Economy - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

UK recession is ‘over’ claims think tank

UK recession is ‘over’ claims think tank

Category: Economy

Updated: 10/10/2012
First Published: 10/10/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK is no longer in the depths of a recession, according to the National Institute of Economic & Social Research (NIESR).

In its latest monthly estimate the NIESR confirmed that Gross Domestic Product (GDP) increased by 0.8% in July, August and September after just 0.1% in the previous quarter.

The two consecutive quarters of growth in the UK, assisted by the London 2012 Olympics and a scattering of Bank Holidays, reflected the most robust rate of growth since July 2010.

The report stated: "Unless output turns down again, the recession is over, while the period of depression is likely to continue for some time.

"We do not expect output to pass its peak in early 2008 until 2014."

What next?

Can you save money on your energy bills?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Inflation and you: what does the latest rise mean?

Today saw not only the outlining of the Government’s stance on leaving the EU, but also a rise in inflation that was larger than predicted. But what does this mean for the pound in your pocket?

Base rate remains unchanged in surprise decision

Earlier today, the Bank of England’s rate setting committee announced that it had voted decisively to keep base rate on hold at its record low of 0.5%. But what does it mean for you?

Budget 2016 – an overview

Well, George Osborne has just revealed the Budget for 2016 – his eighth so far as Chancellor – and as ever, there were some winners and losers from the whole thing. Below is a quick overview of the key points.