UK 2Q Business Investment 2nd Estimate -10.2% QQ; -21.8% YY

LONDON -- Business investment in the U.K. fell 10.2% in the second quarter from the previous three months and dropped 21.8% on the year, the Office for National Statistics said in its second estimate released Friday.

The quarterly decline was smaller than ONS first estimated, but the year-on-year decline was larger. Last month, the ONS calculated that investment fell by 10.4% on the quarter and 18.4% on the year.

The ONS said investment by manufacturers fell by 16.2% in the second quarter and was down 21.4% from the second quarter of 2008.

The decline in investment by services providers was on a similar scale, down 13.8% on the quarter and by 26.5% on the year.

With access to credit still difficult and business confidence just beginning to recover from its collapse towards the end of last year, business investment is unlikely to rise soon.