Commenting on the revised GDP figures for the second quarter of 2008 released ON Friday by the ONS,David Kern, Economic Adviser to the British Chambers of Commerce, said:
"The revised GDP figures confirm that the Office of National Statistics' original second quarter estimate was too optimistic. The messages signalled by our Quarterly Survey were more realistic. Today's figures show that manufacturing and construction declined in the second quarter, and total GDP stagnated."Given the heightened threats of UK recession it is vital that the MPC starts cutting interest rates in October or November, as soon as it is clear that CPI inflation has peaked."