UK economy at slowest growth for four years

[AlfredJPruffock]

The Pound has been rising so alarmingly fast against the Dollar in recent weeks that I'm thinking about converting my Dollars back into Pounds.

Sounds like a plan - altough it seems that- it will all end it tears - so much for Happy Ever After - eh ?

Ah well another cheerless weekend in Rotherham beckons.

[TimberWolf]

The Pound has been rising so alarmingly fast against the Dollar in recent weeks that I'm thinking about converting my Dollars back into Pounds.

[AlfredJPruffock]

The quarterly drop in gross domestic product (GDP) was almost half the 1.2 pc expected by the City and the lowest since the first quarter of 2006, the Office for Selective National Statistics (OSNS) said.

The dismal performance was driven by the turmoil of the Investment banking sector , house price falls impacted dwindling construction orders and the shocking overspending of the public sector in particuar the debacle of the Office for Selective National Statistics computer system upgrade - which accounts for three quarters of the economy .

The 1.1pc drop seen over the April-to-June period – while equalling the worse since 2006 – was last higher in 1999, the OSNS said.

An ashen faced Chancellor Ozzy Osborne commented '" This is the mess that we now have to face with after years of Labour overspending""


The dollar jumped more than a cent against the pound to $1.54 on the news, and the dish ran away with the spoon.

More contracting rate cuts on their way ??

Time will Tell