Britain Slides Towards Recession: Economy Shrinks By 0.2%

Jeremy Hunt warned of a 'tough road ahead' today as it was revealed the economy shrank by 0.2 per cent in the second quarter.  

The figure was not as bad as feared, after analysts pencilled in a 0.5 per cent contraction for UK plc in the three months from July to September.

However, it suggests the UK might already be in a recession, technically defined as two consecutive quarters of decline.