Markets News Friday: UK GDP fell at biggest annual rate in Q2 2009 since 1955; Permanent TSB to hike mortgage rates
Jul 24th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The UK economy contracted more than twice as much as economists forecast in the second quarter as a record annual slump in construction, banking and business services kept the UK deep in recession. The Office for National Statistics (ONS) said the economy shrank by 0.8% between April and June, at an annual rate of 5.6% in the second quarter of the year - - the biggest fall since its records began in 1955.