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VIDEO: UK economy shrinks for first time since 2012

The UK economy dropped by 0.2% between April and June, its worst performance since 2012, according to the ONS. This has surprised economists who had not been forecasting a contraction in the economy in the second quarter. It was predicted the economy would stay at 0% growth, but this has prompted fears of a recession. Newly appointed Chancellor Sajid Javid dismissed such fears adding "I'm not expecting a recession at all", but did say that the figures released today won't surprise anyone.

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