U.K. Recovery Continues To Be Weak

Industrial production in the U.K. fell by 1.1% in February from the previous month, and as a result it is only 0.1% higher than 5 months earlier and only 2.4% higher than 12 months earlier. This confirms that the recovery in the British economy remains very weak.

What is noteworthy is that one key reason for this weakness is a continued big drop in oil and gas extraction, something that aggravates the increase in oil prices caused by Prime Minister David Cameron's Libya policy.