The British economy grew by a lower-than-expected 0.3 per cent in the first quarter of 2001, the weakest rate in more than two years, official data showed today.
Although statisticians said the drop in growth was not significant, the British economy grew quarter on quarter at less than half its average rate over thepast decade.
This explains why the Bank of England has recently cut interest rates in an attempt to breathe life into the economy.
The BoE looks poised to cut borrowing costs further in coming months in a bid to ward off the threat from the slowdown in the global economy, particularly in the United States.
The British economy has now grown for 35 successive quarters since 1992. It has expanded by 28.3 per cent while services have expanded 36.3 per cent.