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| Version 7 | Version 8 |
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| Recession looms as economy slows | Recession looms as economy slows |
| (10 minutes later) | |
| The economy shrank for the first time in 16 years between July and September, confirming that the UK is on the brink of recession. | |
| Economic output fell by 0.5%, according to the Office for National Statistics, amid fears of a global slowdown and huge volatility on world share markets. | Economic output fell by 0.5%, according to the Office for National Statistics, amid fears of a global slowdown and huge volatility on world share markets. |
| The UK will be classed as being in recession if the economy slows in the fourth quarter as well. | The UK will be classed as being in recession if the economy slows in the fourth quarter as well. |
| The credit crisis has forced consumers to tighten their belts. | The credit crisis has forced consumers to tighten their belts. |
| Analysts had forecast a fall of 0.2%. | Analysts had forecast a fall of 0.2%. |
| This is the biggest fall in UK gross domestic product (GDP) since the first quarter of 1990. What's the real impact of the economic slowdown? BBC News is taking the temperature across the UK in a special day of coverage class="" href="http://news.bbc.co.uk/1/hi/in_depth/business/2008/downturn/default.stm">Special report: The downturn | |
| GDP was 0.3% higher compared to the same period last year, the weakest rate of growth since the second quarter of 1992. | |
| The data is likely to increase expectations that interest rates will fall further. The Bank of England cut interest rates by 50 basis points to 4.5% earlier this month. | |
| UK shares tumbled further on the news, down 6% at 3843 just after the release of the data. | |
| The pound was also affected, falling to $1.5889 - the first time it has fallen below $1.60 in the past five years. |