A couple weeks ago, it was revealed that the UK had gone into a double dip recession in Q1. However some were sceptical that the number was accurate, because there was an expectations that the construction number would be revised up.Well? Wrong.
Building output plunged 4.8 per cent in the three months through March, the Office for National Statistics said today. That compares with a 3 per cent drop in the first estimate of gross domestic product on April 25, which showed the economy contracted 0.2 per cent. The revision on its own would shave 0.1 percentage points off GDP, the statistics office said.
More confirmation that the UK’s strategy of pushing cuts, while trying to offset that through QE is failing.