UK economy shrinks most in 50 years

28 July, 2011


Figures out today showed the UK economy contracted by 2.4% in the first quarter of 2009, the worst figure in 50 years.

The figures were adjusted from earlier indications, and were much weaker than originally estimated.

The Pound has fallen sharply on the news, meaning the best exchange rates this year look like they may be a peak in the market for the moment.