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UK economy falls into double dip recession

The UK economy has returned to recession after the economy shrank by 0.2% in the first three months of 2012.

The Office for National Statistics reported the second consecutive quarter of contraction, creating the official definition of a recession.

The ONS recorded a contraction of 0.3% in the last three months of 2011.

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.

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