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BBC NEWS September 11, one year on


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The UK economy was the fastest growing among the world's big industrial countries before 11 September, and after a pause in the winter it has returned to strong growth following a series of interest rate cuts. But the UK's growth is unbalanced, with a strong consumer sector - driven by a house price boom - contrasting with the manufacturing sector still suffering from weak exports and a strong currency. The big boost in government spending may help keep the economy moving if global demand does not recover. More rate cuts may be necessary to counter the recent drop in the stock market.

Evan Davis
BBC economics editor Evan Davis looks at how the UK has survived the shock to the world economy far better than many of its rivals.

Click here for the full story


Key Facts
  • UK economic growth: Q4 2001: 0.1%, Q2 2002: 0.6%
  • Unemployment: September 2001: 5.1%, August 2002: 5.1%
  • Underlying inflation: January 2001: 2.5%, July 2002: 2.0%
  • Interest rates (base rate): Sept 2001: 5%, August 2001: 4%

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