U.K. Economy Contracted In Q3, Call Issued For Lower Interest Rates - NIESR

(RTTNews) - A U.K.-based economic think tank says Great Britain’s economy entered a recession in the 3rd quarter of 2008, and is recommending the Bank of England reduce interest rates by 50 basis points.

The National Institute for Economic and Social Research (NIESR) report, published on Tuesday, said the U.K.’s Gross Domestic Product contracted 0.2 percent for the three months through September. It marked the first full-quarter contraction in six years.

NIESR also issued a call to the BoE for what would be the largest reduction in interest rates since the terrorist attacks of 2001. The BoE policy board meets on Wednesday, with most analysts expecting a rate cut of at least 25 basis points from the current rate of 5.00 percent.

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