OECD: Britain 'in recession'

The Organisation for Economic Cooperation and Development has said it expects Britain's economy to contract by 0.4 percent for January to March, following on from last quarter's -0.3 percent.

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OECD's gloomy forecast is latest bad news for UK economy

The OECD's gloomy forecast for UK growth in the three months to the end of March comes after official figures revealed the economy contracted by 0.3% in the final quarter of 2011.

This was worse than the previous estimate of a 0.2% fall.

The OECD also warned the recovery for the world's biggest economies would be fragile, with the outlook for Europe "very weak".

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