UK Recession numbers lower

The feeling is the the current UK double dip recession (two successive quarters of negative growth) will be short and sharp but yesterday's Office of National Statistics (ONS) figures, showed the UK economy contracted by 0.3% instead of 0.2% in Q1 2011.

Small but very significant in the great scheme of things as it throws doubt on the " two quarter recession only" scenario and the figures would have been much worse, if the Goverment hadn't spent record sums in an effort to stimulate growth.

The construction industry has been held largely to blame with weak demand for new housing as the criteria for mortgage applicants remains tough.