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  Business Recession Shock 0.7% fall in UK GDP deepens double-dip recession GDP figures for second quarter from Office for National Statistics surprise City analysts who had expected a 0.2% drop Larry Elliott , economics editor guardian.co.uk , Wednesday 25 July 2012 Britain's gloomy economic output was compounded by shock GDP figures showing a 0.7% fall for the second quarter, 0.8% lower than in the same three months of 2011. Photograph: Peter Macdiarmid/Getty Images Britain's economic output collapsed by 0.7% in the second quarter of 2012 as the country's double-dip recession extended into a third quarter. Across-the-board weakness in manufacturing and construction coupled with the loss of output caused by the extra bank holiday to mark the Quee

IMF urges Europe to build bigger firewall around Italy and Spain Christine Lagarde calls on Brussels to drop opposition to bigger fund as Greece and its creditors remain at loggerheads guardian.co.uk , Monday 23 January 2012  Article history IMF boss Christine Lagarde made her warning in Berlin, where the German government has led opposition to a bigger fund. Photograph: Jens Meyer/AP EU leaders came under pressure from the International Monetary Fund on Monday to bolster the firewall around Italy and Spain, as talks between Greece and its creditors remained in deadlock for a third week. The IMF director general, Christine Lagarde , told Brussels to drop its opposition t