The UK economy has shrunk for the second quarter in a row, meaning it is now in recession.
For the first time since 1991 the UK has entered a period of economic decline, producing less, rather than more, per quarter.
Figures released at 9.30 am today revealed that gross domestic product (the government’s economic barometer) fell by 1.5% in the last quarter of 2008, following a 0.6% contraction in the previous quarter. The latest slump was worse than expected and represents the biggest decline in the UK economy since 1980.
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