Exceeding even the most dire forecasts and much worse than the median forecast of -0.2%.
EUR/GBP has spiked over .7800, presently at .7825.
Y/Y contraction -0.8%, much worse than median forecast of -0.3%.
ONS says extra public holiday, poor weather hurt Q2 GDP and led to “additional uncertainty” in calculating GDP during June.
That’s as maybe. Doesn’t disguise the reality that the economy is in the tank
