The UK economy takes a hit in Q4 as figures from thew ONS indicate a contraction of 0.5% in the British economy

UK Economy Takes a Hit in Q4

Figures from the Office of National Statistics show that the UK economy suffered a contraction of 0.5% in the last three months of 2010. The figure for Q3 indicated growth of 0.7% The ONS has blamed the snow in December for the negative impact on UK economic activity for the whole quarter but said that even had the figures hadn’t counted the affects of the weather, the Q4 figures would have been "flat". Commentators on the figures have called the 0.5% drop in economic growth "unexpected" and even "shock"; the Chancellor, George Osborne, has called the news "disappointing". Other responses have included calls that the coalition government has made swingeing cuts too deep and too fast with some economists hinting that this could spell the beginni... »