Commenting on the revised GDP estimate for the second quarter of 2009, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“Although the quarterly GDP decline was smaller than initially estimated, the figures confirm the severity of the UK’s recession over the past five quarters. There are now modest signs of improvement in the economy, but the risk of a set back remains significant.

“It is important for the Bank of England to address the dangerous weakness in bank lending, and the government must take steps to curb falls in employment. The main priority is to ensure that businesses are able to return the economy to sustainable growth as early as possible.”