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Uk Growth Slowing At Fastest Pace In More Than A Year, Says Oecd

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According to the Organisation for Economic Co-operation and Development (OECD), activity in the UK fell for a sixth straight month in July and at its steepest rate since June 2010. The contraction, from 100.9 to 100.4 – a level not seen since the UK entered recession in 2009 - indicated the country is in a "slowdown".

The OECD's composite leading indicator is closely watched because it is thought to predict turning points in the economy six months in advance. The indicator also seems to confirm the OECD's recent bleak outlook for growth in the UK, that the economy would virtually flatline in the final six months of the year with average quarterly growth of less than 0.1pc.

Howard Archer, economist at IHS Global Insight, said: "The further deterioration in the OECD leading indictor for the UK ties in with the current softness of the UK economy and the increasingly worrying outlook. The indicator is now getting down perilously close to the 100 points level that indicates only flat activity."

The OECD's indicators had bad news across the board, as the global picture worsened for a fourth straight month in July.

FTSE loving this news at the moment. FTSE 100 5,157 +0.5%

Good old stagnation, I wonder what this will do for projected govt tax revenues.... Still more debt is the way out of this debt crisis.

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With wages declining in the private sector, there isnt really any incentive for anyone to do anything to make the economy grow. Why work and produce when more and more of that money is taken and given to those that dont?

All the legislation we have in place doesnt allow the economy to go gracefully into reverse. Well it isnt far off going into reverse at best.

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I know Gilt yields are at what appear to be all time lows, but the 10 year yield appears to have risen by 7.5% so far today.

Is this significant, and is it related to the poor GDP figures and rising inflation?

Now up almost 10% on the day, an incredible move. Is this a Sharp one off correction, or a momentum move that is just going to keep on rolling?

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