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BREAKING NEWS

British economy shrank faster than first thought

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British economy shrank faster than first thought

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The British economy contracted at a much faster rate in the first three months of the year than initially thought. New data shows it also shrank at at its quickest pace in more than 50 years. The UK’s Office for National Statistics said GDP fell by 2.4 percent in the first quarter, a downward revision of the 1.9 percent originally forecast. Recent data signals improvement in the economy but analysts remain cautious.