William-Kate wedding hit British economy

Everybody is worried about the global economic slump and the Great Britain is one of the most affected economies.

In April, when Prince Williams and beautiful Kate Middleton got married, the royal wedding was supposed to provide much required support for the ailing economy of England. However, the official statistics that have been released recently shows that the royal wedding of Kate Middleton and Prince Williams created an adverse effect and the GDP figures went downward.

According to the Office of National Statistics (ONS), the growth in the economy ofg United Kingdom slowed in last three months to June 30. In the second quarter, the GDP experienced a minute and actually insignificant increase of 0.2 per cent. This is lesser than the growth that was observed in the previous quarter.

The Office of National Statistics (ONS) of United Kingdom also highlighted a number of special events that occurred in the second quarter and might have affected the GDP of Great Britain.

These events included the additional bank holiday for the royal wedding of Prince Williams and Kate Middleton, the wedding itself, the after-effect of earthquake and tsunami in Japan and the first phase of sales of Olympic Tickets along with the record warm weather in April.

When the build-up process for the royal wedding of Kate Middleton and Prince Williams was going on, all experts and economic advisors were claiming that the enthusiasm for the event will help the economy of Britain and the larger than usual entry of tourists for the occasion will also improve the economy.

Yet, now when the statistics of Office of National Statistics (ONS) of England are out, it has been estimated that in absence of these events, the GDP would have been 0.5 points higher.

Chancellor George Osborne commented that 0.2 percent growth is a good news.

However, Ed Balls, the shadow chancellor accused him of choking the economic recovery.

Osborne said: "The positive news is that the British economy is continuing to grow and is creating jobs. And it is positive news too that at a time of real international instability we are a safe haven in the storm."

But Balls said that the slowdown was a serious problem for the government and said: "These figures show that last year's recovery has been recklessly choked off by George Osborne's VAT rise and spending review," he said".

Balls added: "The economy has effectively flat-lined for nine months and this is very bad news for jobs, living standards, business investment and for getting the deficit down."