Recession deeper than expected

The double-dip recession is deeper than originally feared as revised figures have shown a sharper decline in the economy in the final quarter of last year.

Gross domestic product (GDP) shrank by 0.4% between October and December, compared with a previous estimate of 0.3%, while the economy contracted by an unchanged 0.3% in the first quarter of this year, the Office for National Statistics (ONS) said.