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Article: UK growth rate slowest for ten years at 1.7 per cent
- Article from:
- The Scotsman
- Article date:
- January 25, 2003
- Author:
CopyrightCopyright 2003 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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BRITAIN'S economic growth rate last year was the slowest for a
decade, according to official figures released yesterday.
Latest estimates from National Statistics suggest the UK economy
grew by 1.7 per cent over the calendar year - the lowest annual rate
since 1992.
But the news brought no relief for the stock market, where the
FTSE100 Index fell a further 18.5 to 3,603.7. After ten consecutive
days of falls to a new seven-year low, there are growing fears of
major trouble ahead for the life assurance industry with solvency
ratios under renewed assault.
The one consolation for Chancellor Gordon Brown is that the growth
estimate is fractionally above the reduced target of 1.6 per cent in ...