UK economy contracts by a shock 0.7pc
25 Jul 2012
The figures from the Office for National Statistics are much worse than forecasts for a 0.2pc contraction.
It marks the third successive quarter of contraction, leaving Britain in its longest double-dip recession in more than 50 years. The economy shrank by 0.3pc in the first quarter of the year, following a 0.4pc contraction in the final quarter of 2011