Building gloom hits economy as more than 1,500 construction firms close this year

More than 1,500 construction firms went bust at the start of 2012 as the crisis in the industry intensified, research showed today. A downturn in the key construction sector was a major factor in the dismal GDP figures last week. They showed a far bigger than expected decline prompting fears this weekend that the UK is heading for an unprecedented ‘triple-dip’ recession. That will put the Bank of England under fresh pressure to lower interest rates from their already rock-bottom level of 0.25 per cent when its rate-setting committee meets later this week...Daily Mail