Released on: July 12, 2008, 3:15 am

Press Release Author: Fiona Davis

Industry: Financial

Press Release Summary: Cornerstone Worldwide See No Imminent Respite For UK Economy

Press Release Body: The U.K. economy grew less than previously estimated in the
first quarter, weighed down by the weakest services expansion in 12 years and this,
according to a source at Asian-based private client wealth manager Cornerstone
Worldwide, effectively obliterated any upside potential to the British economy in
the immediate future.
GDP rose 0.3 percent in the three months through March, the least in three years,
the Office for National Statistics said in London today.
Cornerstone Worldwide's source suggested that house prices, shell-shocked consumer
confidence and a contraction in services, accounting for three quarters of the
economy would effectively hobble Britain's economy going forward. Bank of England
Governor Mervyn King said yesterday that growth must ease to contain inflation
stoked by record oil prices.
In light of the clear and undeniable signs that growth will slow sharply,
Cornerstone Worldwide have reportedly predicted an even weaker second quarter as
household spending could not be expected to hold up the creaking economy for much
longer.

Cornerstone Worldwide are responsible for overseeing more than £35m for private
individuals investing in commodities, currency arbitrage and emerging market
equities.

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