Economics / Markets

The UK economy shrank by 0.3% in the first quarter, the final official reading has confirmed.

EUROZONE

Markets were unfazed by the hefty fines facing financial institutions and posted gains around the world overnight.

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European equities lost ground in afternoon trading ahead of a crucial EU summit, as Spain officially asked its eurozone neighbours for a bailout.

FIVE THINGS

Former Prime Minister Tony Blair said the UK must keep open the option of joining the euro if the current crisis is resolved.

Billionaire investor George Soros has called on Europe to start a fund to buy Italian and Spanish bonds, or risk the demise of the euro.

The Bank of England should pump £50bn more into the "stalled" economy to kick-start the recovery, David Miles has told the Financial Times.

The government cannot encourage people to save more, amid concerns a decline in spending could shut off the economic recovery, policy experts say.