Economic recovery will be long and slow

The UK economy shrank by a far worse than expected 0.8 per cent between April and June, according to gloomy official estimates. The fifth successive quarter of decline is much bigger than the 0.3 per cent fall in output forecast by economists. It deals a fresh blow to recovery hopes and claims Britain has already hit the bottom of the downturn. The Office for National Statistics (ONS) says the economy has slumped 5.7 per cent since the second quarter of 2008. It is the biggest fall since its records began in 1955.

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ITN | July 24, 2009

Tags:. .shrank. .gloomy. .ons. .downturn. .slumped