Jan
25

UK economy shrinks 0.5%. Pound slides after growth shock.

The UK’s economy suffered a shock contraction of 0.5% in the last three months of 2010, figures have shown.

The severe weather hit activity in the quarter, but the Office for National Statistics (ONS) said even if the weather impact had been excluded, activity would have been “flattish”.

The Chancellor, George Osborne, said the numbers were disappointing.

But he added the government would not be “blown off course” from its austerity programme.

Click for full story from BBC business

Click for full story from BBC business

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