The preliminary 2Q GDP reading crosses the wires better-than-expected, with the growth rate falling 0.7% from the first quarter amid expectations for a 0.8% contraction. At the same time, the annual rate of growth slipped 5.5% from the previous year to mark the biggest decline since records began in 1955, and the data suggests that the economic downturn may be reaching a bottom as the Bank of England forecasts economic activity to improve throughout the second-half of the year. The breakdown of the report showed private consumption slumped 0.7% amid projects for a 0.8% decline, while business investments tumbled 4.5% to exceed expectations for a 3.8% drop. At the same time, government spending increased 0.8% in the second quarter, topping forecasts for a 0.6% rise, while foreign demands tumbled 2.7% from the first three-months of the year. As growth prospects remain subdued, the Bank of England extended its asset purchase program to GBP 175B in an effort to foster a sustainable recovery, and the central bank may continue to hold a dovish policy stance as households face a weakening labor market paired with tightening credit conditions.