Britain is suffering from falling exports, declining business investment and cautious consumers, according to financial information consultancy Markit
Commenting on figures released by the Office for National Statistics, chief economist Chris Williamson said: “The Eurozone’s recession continued to hit demand for UK-produced goods and services. Companies remained either reluctant to invest in new equipment and infrastructure due to the uncertain economic outlook, or remained squeezed of affordable credit.
“The UK economy is estimated to have shrunk by 0.3 per cent in the final quarter of last year, having expanded 0.9 per cent in the third quarter.
“While severe weather will have no doubt hit the economy in the first quarter, adversely affecting retail sales, construction, agriculture and leisure activities in particular, it still seems likely that very modest growth will have been seen in the first three months of the year and a politically-embarrassing triple-dip may therefore be avoided.”