It has emerged today that the ONS, Office of National Statistics, has announced that the predicted shrink in economy for the second quarter was actually a lot less than expected. The ONS predicted a 2.2% contraction but the actual results tell a story of a 0.6% contraction.

This is good news for the economy and suggests a quicker recovery than previously thought.

The manafacturing sector contracted by 0.1% in the second quarter, which compared to to the first three months of the year is a good sign for times ahead. The first three months of the year saw a contraction of 5.4% which still is a record loss.