The figures are disastrous.
The Office for National Statistics reported on Wednesday that the UK economy had shrunk by 0.7% in the second quarter – April to June. This is the fastest of contraction since the post-credit crunch slump, and is the third quarter in a row of the new double-dip recession. Overall, the economic crisis has been with us now for nearly five years. Latest figures on manufacturing output and construction are gruesome. Meanwhile, Eurozone governments struggle to come to terms with Greek, Irish and now Spanish and Italian default in a Kafka-esque nightmare without end.
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