UK set for 'lost year' as double-dip drags into summer

The prospect of another three months of decline, following Wednesday's shock revelation the UK slipped into its first double-dip recession since 1975, will pile pressure on Chancellor George Osborne, reports the Telegraph. According to the Office for National Statistics (ONS), the economy shrank 0.2% in the first quarter of the year and is now roughly 0.2% smaller than when the Chancellor unveiled his spending review in October 2010. Gerard Lyons, Standard Chartered's chief economist, said: "The likelihood is that the data will further dent confidence and push the recovery back." M...