We're back in recession

[suityou01]

The UK economy has returned to recession, official figures have shown.

The economy shrank by 0.2% in the first three months of 2012, the Office for National Statistics (ONS) said. This followed contraction of 0.3% in the last three months of 2011.

The ONS said there was a sharp 3% fall in construction output, the biggest fall for three years, adding that it had double-checked the figures.

A recession is defined as two consecutive quarters of contraction.

Wednesday's figure is the preliminary estimate from the ONS, based on only about 40% of the information that will be used to reach later figures.

The figure is subject to further revisions.

Breaking new on the bbc

GBP dropped about 40 points against the dollar at 9:30 on the dot

[DimPrawn]

Breaking new on the bbc

GBP dropped about 40 points against the dollar at 9:30 on the dot

I expect some dirty spekulant made a killing on this "surprise" news.

[suityou01]

I expect some dirty spekulant made a killing on this "surprise" news.

I hope you're "inside", it's rainy out.

[MarillionFan]

I hope you're "inside", it's rainy out.

Rainy. It's a bloody monsoon.

[suityou01]

Rainy. It's a bloody monsoon.

For a minute there I thought you were being metaphorical. Only for a minute mind

[DimPrawn]

Let's see, economy slowing. What would Merv do?

[suityou01]

Let's see, economy slowing. What would Merv do?

Better get some shares in "Cartridge World" then.

[AtW]

Let's see, economy slowing. What would Merv do?

Do seppuku on himself?

At least that's what Bank of Japen's chairman do

[Halo Jones]

Rainy. It's a bloody monsoon.

No rain, no rainbow's

(it also saves watering the garden )