• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home Business and Economics

UK GDP shows 0.0% growth in three months to January

The figures do not take into account the major impact the the coronavirus might have on the British economy.

Jack Peat by Jack Peat
2020-03-11 10:01
in Business and Economics, Economics
FacebookTwitterLinkedinEmailWhatsapp

UK gross domestic product (GDP) was flat in the three months to January 2020, according to the Office of National Statistics.

The numbers, revealed ahead of Chancellor Rishi Sunak’s first budget, show services showed no growth and production (including manufacturing) fell by 1 per cent.

Construction grew by 1.4 per cent.

Commenting on today’s GDP figures for the three months to January, Head of GDP Rob Kent-Smith said:

“The economy continued to show no growth overall in the latest three months. Growth in construction, driven by housebuilding, offset yet another decline in manufacturing, particularly the drinks, cars and machinery industries.

“The dominant services sector also showed no growth in the latest three months with falls in retail and telecoms balanced by strength in rentals, employment and education.”

Coronavirus

The ONS said last month that GDP growth slowed to a standstill in the last quarter of 2019 after a 0.5 per cent rise in the period before.

As they are up to January only, the figures do not take into account the major impact the the coronavirus might have on the British economy.

The first cases started in China in December but it took weeks before the disease started impacting on the economy.

RelatedPosts

Trump unveils $499 gold mobile phones for ‘real Americans’

No ‘millionaire exodus’ as a result of Labour policies, study finds

Shops could be forced to accept cash in future

Liverpool to introduce tourist tax from June

The impact has been so huge that the Bank of England cut interest rates from 0.75 per cent to 0.25 per cent, setting borrowing costs at their lowest point in history.

Sensible and timely package of measures by the Bank

PwC chief economist John Hawksworth said: “The Bank of England introduced a timely and comprehensive package of measures this morning including an interest rate cut to 0.25 per cent, a new term funding scheme and a reduction in the counter-cyclical buffer for banks to zero, which should support additional lending through the period of maximum Covid-19 impact over the next few months.

“This package seems well-judged and the support for the cash flow of small and medium-sized businesses through additional bank lending capacity may be at least as important as the headline interest rate cut.

“It is interesting that the MPC chose not to extend QE further, probably judging that further asset purchases would not have significant benefits at present when long-term interest rates are already so low.

“Monetary policy can only achieve so much in the face of a major supply shock like Covid-19, however, and all eyes will now be on the package of emergency fiscal policy measures that the Chancellor is expected to announce later today in his Budget speech. But it is good to see monetary and fiscal policy working together today to address this major economic challenge.”

Related: New Tory voters should prepare to be disappointed by tomorrow’s Budget

Tags: headline

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← Brexit could mean UK gets COVID19 vaccine later than other countries ← Ex Kazakhstan President’s grandson must explain how he paid for £80 million London mansion
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->