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| Version 2 | Version 3 |
|---|---|
| UK economy continues to contract | UK economy continues to contract |
| (10 minutes later) | |
| The UK economy contracted 0.8% between April and June, more than double the figure economists had expected. | The UK economy contracted 0.8% between April and June, more than double the figure economists had expected. |
| The contraction was much less than the 2.4% seen in the first quarter but was still above analysts' 0.3% prediction. | The contraction was much less than the 2.4% seen in the first quarter but was still above analysts' 0.3% prediction. |
| The latest figures take the annual rate of decline to 5.6%, the biggest fall since records began in 1955. | The latest figures take the annual rate of decline to 5.6%, the biggest fall since records began in 1955. |
| While an improvement on the previous quarter, the figures may indicate that the recovery could take longer than previously had been expected. | While an improvement on the previous quarter, the figures may indicate that the recovery could take longer than previously had been expected. |
| Hetal Mehta, senior economic advisor to the Ernst & Young ITEM Club, said that the data showed that hopes for a recovery had run ahead of reality. | |
| "With credit still severely restricted, consumers and businesses continuing to retrench and world trade yet to pick up, it is hard to see any grounds for sustained optimism at the moment," he said. | |
| The decline in economic output was driven by business services and finances, a sector that has been hit hard by the financial crisis. | |
| "We are clearly out of the abyss but still have a difficult time ahead," said Brian Hilliard, economist at Societe Generale. | "We are clearly out of the abyss but still have a difficult time ahead," said Brian Hilliard, economist at Societe Generale. |