GDP shrinks by 0.3% in final three months of 2012

The Office for National Statistics has announced that GDP shrank by 0.3% in the final three months of 2012, compared with a 0.9% rise in the previous three months.

The announcement could mean the start of another period of recession the UK.

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UK triple-dip recession looms

Chancellor George Osborne has vowed not to "run away" from Britain's economic problems amid fresh signs the UK is heading for an unprecedented triple-dip recession.