Joe Grice News
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Chancellor of the Exchequer George Osborne won a round in his defense of austerity yesterday as Britain escaped a triple-dip recession.
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The U.K. economy shrank the most since 2009 in the second quarter and more than economists forecast, increasing pressure on Prime Minister David Cameron to abandon Britain’s biggest budget squeeze since World War II.
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The U.K.’s Office for National Statistics will delay the release of some economic data as it undertakes the biggest reassessment of the national accounts since 1995.
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The U.K.’s Office of National Statistics may start charging for data after the government cut its budget as part of the deficit-reduction plan, the London- based Times reported.
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Britain’s economy rebounded in the first quarter by enough to erase the contraction of the previous three months on the strongest surge in service-industry growth for four years.
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The U.K. economy probably extended its recovery from the worst recession on record in the first quarter, potentially aiding Prime Minister Gordon Brown in his campaign for the election due within two weeks.
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The U.K.’s Office for National Statistics is examining the way it collects information about the construction industry to see whether a change in its methodology has skewed reported levels of activity, the Financial Times reported, without attribution.
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U.K. Chancellor of the Exchequer George Osborne said his deficit-reduction program will remain in place after growth stumbled in the second quarter, keeping up pressure on the Bank of England to maintain emergency stimulus.
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Prime Minister Gordon Brown can’t afford a repeat of 1970 for his governing Labour Party when figures on the U.K. economy are published this week.
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