Triple-dip recession looms

Chancellor George Osborne was under fresh pressure last night as the UK’s economic recovery hit reverse and headed for an unprecedented triple-dip recession.

The latest grim round of economic figures showed that the British economy shrank by a worse-than-expected 0.3% during the last three months of 2012.

Fears were mounting that the country would soon lose its prized AAA credit status, with the three main credit rating agencies having downgraded the UK’s prospects.

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