The UK economy shrank by 0.3% in the first three months of the year, more than previously thought, revised figures have shown.
Last month’s initial estimate from the Office for National Statistics (ONS) showed a contraction of 0.2%.
The downward revision was due to a bigger contraction in construction output than previously estimated.
Over the last year and a half, the economy has fluctuated between quarters of growth and contraction.
In the final three months of last year, the economy also shrank by 0.3%, meaning the UK is back in recession.
There are concerns that the UK economy will shrink again in the second quarter of the year – the governor of the Bank of the England Mervyn King has warned that the Queen’s Diamond Jubilee could reduce output.
Following the revised figures, shadow chancellor Ed Balls described Prime Minister David Cameron and Chancellor George Osborne as “complacent and out of touch”.
http://www.bbc.co.uk/news/business-18187354
http://www.telegraph.co.uk/finance/economics/9286929/UK-shrinks-more-than-expected-on-fall-in-construction-output.html
UK recession (Depression) worse than feared:
http://www.guardian.co.uk/business/2012/may/24/eurozone-crisis-greece-summit-eurobonds
he ‘affectionately’ refers to as ” his little Hungarian fascist” , proposals included removing restrictions on employers employing child labour, removing worker rights, enabling instant dismissal with no reason given:
http://www.dailymail.co.uk/news/article-2147828/Steve-Hilton-He-little-Hungarian-fascist-What-Cameron-calls-policy-guru.html
