UK creeps out of recession

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UK creeps out of recession

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The British economy has crept out of recession, by a lower than expected 0.1 per cent.

The economy had contracted for six consecutive quarters-the longest period since records were introduced in 1955.

Last week, unemployment dropped for the first time in 18-months.

The UK becomes the last major economy to emerge out of the doldrums.

Alistair Darling is the UK Finance Minister:

“ Although we’ve got growth today, it is, you know, a very modest figure and to remove public spending now would present, I think, a real risk to businesses and to the country as a whole.”

During the recession, British public borrowing hit 203 billion euros, manufacturing output dropped by 6 per cent and GDP slumped by 4.8 per cent in 2009.

The frail nature of the recovery hit the pound, which fell against both the euro and the dollar.