UK shrinks more than expected on fall in construction output

The Office for National Statistics said the economy shrank by 0.3pc in the first quarter and not 0.2pc as it reported in April. Economists had expected the ONS to maintain its first estimate.

The downward revision meant the British economy was 0.1pc smaller than it was a year earlier. The ONS previously estimated gross domestic product was flat on an annual basis.

It was a blow for George Osborne, who has repeatedly defended his unwavering austerity drive despite its impact on growth.

A combination of austerity and the eurozone debt crisis are expected to weigh further on the British economy in the coming months.

Howard Archer, chief UK economist, described the data as “very disappointing”.

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About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

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