Overall the UK economy experienced a sharp slowdown during the second quarter of this year. Gross Domestic Product (GDP) was up just 0.7 per cent on the same three months of last year. This was a big decline from a year-on-year rise of 1.6% in the first quarter. Ironically the poor GDP figures came out when Bank of England Governor Mervyn King was meeting members of Edinburgh Chamber of Commerce. He said: "Speaking directly to business people adds a great deal to our understanding of economic conditions."