Economic revival which the Bank of England envisaged is not bearing fruit, according to experts.
The National Institute for Economic and Social Research have stated growth during the 3 months to May 18 was only 0.2{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}.
Nevertheless Oil and gas production did improve favourably after the re-opening of the key Forties pipeline, which was closed due to technical issues earlier in the year.
The statistics though are expected to reduce the prospect of an interest rate rise in August.
With that economic “bounce-back” now looking unlikely, the possibility of an interest rate rise in the immediate future has receded, which in turn has weakened the pound.
Source BBC Business News