UK economy shrinks in March but still grows in Q1 – business live

Rolling coverage of the latest economic and financial news, including the latest UK growth report due at 7am BST

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Newsflash: The UK economy shrank in March, but still achieved growth in the first quarter of this year.

New data from the Office for National Statistics shows that UK GDP fell by 0.3% in March, worse than economists expected.

The first 3 months of this year have seen the economy perform much better than even the most optimistic of forecasts, leaving lots of egg on the faces of those who were predicting all manner of disasters during the twilight weeks of last year.

The OBR, IMF, OECD, and Bank of England have all been proved to be unduly pessimistic in their assessments of the UK economy in recent months, particularly when it comes to growth.

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