Financial services 'resilient'
The financial services industry is showing more buoyancy than the real economy, it has been claimed.
David Kern, chief economist at the British Chamber of Commerce, said there are some signs that in the interbank markets, the difference between three month rates and the bank rate has narrowed.
"The present situation is that the financial markets show a little more resilience, not much but a little more resilience, than the real economy, where things are actually getting worse," he added.
Mr Kern went on to say the economy is likely to shrink for around five quarters - until the third quarter of 2009.
Research carried out by the Office for National Statistics indicates the level of gross domestic product in the third quarter of 2008 is now[was] 0.3 per cent higher than the third quarter of 2007.
The body went on to say output of the production industries fell 1.4 per cent compared with a drop of 0.9 per cent in the previous quarter, mainly due to declining manufacturing output.
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Filed: 19-01-2009
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