UK GDP decreases by 0.5%

The UK GDP figures, Just released,  have  shown that growth in the last quarter has contracted by 0.5%, the range of forecasts varying from 0.2% to 0.6%

In the previous quarter the growth rate was 0.7%  and in the second quarter of 2010 it was 1.1%

The exceptionally bad weather in the run up to Christmas was the main cause of this, having a significant impact on many retailers looking for a bumper Christmas to rescue a patchy year.  

Builders, suffering from the knock on effect of buyers not being able to get the mortgages they need, were especially hard hit by the extreme conditions and long term presence of snow and ice at the end of last year

However, the Office for National Statistics said that Britain's economy would have struggled to register any growth in the fourth quarter, even without any snow disruption.