The UK economy shrank for the first time in seven years as output fell 0.2% between April and June, with falls in manufacturing and construction partly to blame.
The UK economy unexpectedly shrunk for the first time in 7 years – and the pound is getting clobbered
The UK economy contracted for the first time since 2012, as GDP slid 0.2% between April and June. The Office for National Statistics said a fall in construction and manufacturing output was to blame. The pound fell 0.4% against the dollar to below $1.21, adding to its 4.5% fall over July and August.