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The gross domestic product of the United Kingdom shrank by 0.5 per cent in the last quarter of 2010 compared with that quarter the previous year, according to initial figures from the Office for National Statistics.
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The gross domestic product of the United Kingdom shrank by 0.5 per cent in the last quarter of 2010 compared with that quarter the previous year, according to initial figures from the Office for National Statistics. Manufacturing was up 1.4 per cent and construction down by 3.3 per cent. Mervyn King, the Governor of the Bank of England, said that living standards would shrink more than at any time since the 1920s. An agreement was delayed between the government and Britain’s biggest banks on the amount they should lend to small businesses; the scheme was known as Project Merlin. Andy Coulson resigned as head of communications at Downing Street because, he said, allegations about phone-hacking at the News of the World when he was its editor had become a distraction.
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