Video: U.K sinks deeper into recession

The present is grim and the future is terrifying. But at least the distant past looks a bit brighter. That is the message from new estimates of Britain's GDP, released this morning. The statisticians made minor changes to the recent past but substantially rewrote earlier economic history. GDP in the first and second quarters was revised down a notch: the annual change to the second quarter is now a measly 0.6%, revised from 0.7%. But there were more chunky revisions to figures for 2007-10.

If Spain is going to be saved, someone better convince Spanish citizens because Deposit flight from Spanish banks hits 15-year high as bailout rumours grow Spanish banks lost €1 out of every €20 deposited with them in July, making it the worst month for deposit flight in 15 years as rumours grew that the country is edging closer to a full bailout.

Britain's recession is deeper than thought as official data on Thursday shows the economy shrank 0.3 percent in the first quarter following a higher-than-expected 0.4-percent contraction in late 2011.The Office for National Statistics said in a statement that British gross domestic product (GDP) shrank 0.3 percent between January and March compared with the final quarter of last year -- confirming its previous reading.

Britain's recession is deeper than previously thought after the Office for National Statistics unexpectedly revised down its growth estimate for the first quarter because of a weak construction sector.

Britain's economy grew at an unrevised 0.3pc in the first three months of teh year, but the recession was deeper than thought, says ONS.

Spain's economy shrank for the seventh straight quarter from January to March, preliminary data showed on Tuesday, and the recession looks set to last into next year. Acute joblessness and grim economic ...

By Paul Day MADRID (Reuters) - Spain's economy shrank for the seventh straight quarter f

MADRID (Reuters) - Spain's economy shrank for the seventh straight quarter from January to March, preliminary data showed on Tuesday, and the recession looks set to last into next year.