UK economy sinks back into recession

The UK is officially back in recession as preliminary figures show the economy contracted 0.2% in Q1.

The Office for National Statistics confirmed GDP contracted in the first quarter in preliminary figures, which, following the previous quarter's contraction of 0.3%, means the UK is considered to be in recession. The figures confirm analysts' fears of a double-dip recession. The UK was last in recession in 2009 and, despite a strong 2010, has failed to recover in the way many had hoped. The ONS said the economy has shown no growth over the past year and has recovered less than half the output lost during the recession in 2008 and 2009. Today's figure constitutes only the first estimat...