ONS Double Dip Never Happened

ONS Double Dip Never Happened.

ONS figures that the UK experienced a second dip recession figures have shown to be inaccurate.

The Office of National Statistics (ONS) said that despite earlier estimates that the UK economy fell by 0.1% official data shows that  rate of growth was flat with no rises or falls.

In other data it showed that the recession in 2008 was worse than first thought. Previous estimates showed the UK fell by 6.3% but new figures show a 7.2% drop. Due to this further fall the UK had to fight harder to make it on the road to recovery.

Our View

We do not think this makes much difference either way to the economy. 

More political gain rather than economic gain but we worry for the accuracy and credibility of future ONS figures given that governments and investors make decisions on figures such as ONS statistics.