The final revision to the second quarter GDP report downgraded real growth to 1.3%, a rate insufficient to produce an adequate number of jobs for a growing labor force.
This week it was reported that the economy (GDP) grew at a 3.1% annualized rate in the 3rd quarter rather than the last revision of 2.7%, and the originally reported 2.1%.
"The deteriorating economy and expectations of a drawn-out recession has led to a downward revision in the UK outlook and has severely impacted the survival rate of UK businesses, " said Shay Bannon, head of business restructuring at BDO Stoy Hayward.