clipped from: business.timesonline.co.uk   
The UK economy shrank by 2.4 per cent in the first quarter at the fastest rate in more than 50 years and far worse than expected, according to official figures today.

"The downward revision to first quarter GDP growth clearly leaves an extremely weak platform for growth this year. The average GDP growth in 2009 now looks likely to be - 4 per cent or weaker rather than the -3.5 per cent we previously expected, " said Jonathan Loynes, chief European economist at Capital Economics.

The data also showed GDP fell in the second quarter of 2008, meaning the recession started earlier than was initially thought. The country has now been in recession for a full year.

Today's figures mark a huge setback for Mr Darling and the Treasury
The OECD is also predicting that UK unemployment will top 3 million over the next 12 months

The ONS said today that, year on year, GDP had fallen 4.9 per cent, the biggest drop on record. It had previously estimated a fall of 4.1 per cent.