Britain halfway to triple-dip recession as manufacturing sector stalls

Britain faces the threat of falling into a triple-dip recession as government attempts to rebalance the economy, away from financial services, falter.

According to the Office for National Statistics (ONS) the economy shrank by 0.3 percent in Q4 2012. A decline in manufacturing productivity between October and December forced the economy to contract and offset a rise in construction output.

The fall was attributed to poor levels of exports to the recession-laden eurozone; bad weather that dampened the operations of shops and farmers; and a temporary dip in oil and gas production in the North Sea.

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