This week's personal finance news
News
26/07/2010 18:36:30
Britons' money may recover as GDP grows 1.1%
Money troubles may feel slightly less pressing, with the news the economy grew 1.1 per cent over the second-quarter of 2010.
Office for National Statistics data released on Friday (July 23rd) showed business services, finance and construction led the commercial gains.
Pressure on savings might have eased, as gross domestic product increased by 1.6 per cent during the three-month period compared with rises seen at the same time last year.
Commentators responded positively, with Ian McCafferty, chief economic adviser of the Confederation of British Industry, commenting: "These figures show the economy is recovering strongly, driven by a broad-based pick up in activity."
Other financial experts were more cautious, as the Royal Institute of Chartered Surveyors chief economist Simon Rubhinson argued the good news did not extend to all business, saying: "While the economy rebounded more smartly than expected, lending to most non-financial business sectors - and more specifically the property industry - remains subdued."
