[Economy] Blow As Gdp Drops 0.3%

The UK's economy contracted by 0.3% in the final quarter of 2012, increasing the chances of a triple-dip recession later this year. Official figures from the Office for National Statistics show output shrank following 1% growth in the third quarter, although this was considered to be artificially skewed by the Olympics. The IMF's chief economist, Olivier Blanchard, has urged Britain to lessen the pace of its austerity programme to avoid another recession.