Economists had pinned their hopes on improvements in the all-important services sector, which accounts for three quarters of the national output, but were let down by the embattled banking industry. Output in financial and insurance services contracted by 0.8pc to fall back to levels not seen since 2005.
No, that\’s not the only cause of the recession. But it is contributing.
Specifically attempting to shrink one rather important part of the economy while growing the entire economy is one of those things that it\’s really rather hard to do…..