UK economic growth worse than expected in Q4

According to the Office for National Statistics, UK GDP shrank by 0.3% in Q4, worse than the previous estimate of a 0.2% drop. The data strengthens the case for the Bank of England to maintain asset purchases to give the UK's ailing economy a much needed boost and prevent a technical recession. The ONS said the fourth quarter fall in GDP was largely driven by the biggest drop in business investment for a year, which Chancellor George Osborne moved to rectify in last week's ‘business friendly' Budget. In total the UK economy grew 0.7% for the whole of 2011. "This downward revisio...