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National Institute of Economic and Social Research downbeat on UK economy

The National Institute of Economic and Social Research has issued a damning indictment of the UK economy suggesting that third-quarter growth in GDP fell by more than half compared to the previous quarter. Unofficially the National Institute of Economic and Social Research believes that the UK economy grew by just 0.5% in the three month period to the end of September which compares to growth of 1.2% in the previous quarter. It has to be reiterated that these are not in fact official figures and were calculated and arrived at using manufacturing data released by the Office of National Statistics. There may well be a number of potential changes to the underlying figures released by the Office of National Statistics but a general consensus dictates that growth of around 0.5% in the third quarter is roughly in line with many analyst expectations. While this is obviously disappointing bearing in mind the 1.2% economic growth in the previous quarter, we have to reiterate that the UK economy is still growing. However, if a similar reduction in economic growth was experienced in the final quarter of 2010 this would make for a very difficult 2011 and require the government to make emergency plans for fiscal stimulus programs.

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