Estimates from the Office of National Statistics (ONS) suggests the economy grew by -0.2% in Q2, following growth of -0.3% in the previous quarter.
The preliminary result was worse than many analysts had predicted.
Here, we have collected some of the best reaction on a busy Twitter…
@steve_hawkes (Steve Hawkes, The SUN): The pro-biz coalition will have some explaining to do today – double-dip .. excuse bingo? Eurozone, rain?!?
@simonsmithy (Simon Smith, FX Pro): I’m going back to bed. to hibernate. Wake me up when we recover…
@tradedesk_steve (Steve Collins, London & Capital AM): QE me up baby
@edconwaysky (Ed Conway, Sky News): ONS’s Joe Grice says no special or seasonal factors affecting stats. But BoE is known to be sceptical – particularly abt construction data
@tombradby (Tom Brady, ITN): Some of what has happened this past month is froth. A double dip recession is not. They’re in trouble now.
@jeremywarnerUK (Jeremy Warner, The Telegraph): Labour will have a field day over these GDP figures, which will revive old debate on whether Gov’s austerity drive is damaging the economy
@yvonnegoodwin (Yvonne Goodwin, IFA): Well I guess that stalls the plans for a 100 yr Gilt issue #technicalrecession
@faisalislam (Faisal Islam, Channel 4): In all 8 quarters since the Chancellor arrived at Number 11, economy has grown 0.4% vs 4.3%* predicted by June 2010 deficit reduction plan
@mortgage_mind (Lee Karasavvas, mortgage broker): So simply Maths. Recession + rain = pub at lunchtime.
