The UK economy fell back into recession at the start of this
year, it was revealed yesterday, leaving George Osborne’s credibility – and his
deficit reduction plan – in tatters City AM reports.
Every sector of the economy disappointed, dragging GDP down
0.2 per cent in the first quarter, following a 0.3 per cent contraction at the
end of 2011 and leaving the economy in a technical recession, according to
initial estimates from the Office for National Statistics (ONS).
Many economists queried the scale of the slump and the
accuracy of the official figures, which contradict more upbeat surveys, but all
agreed that the economy was weak….
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