UK GDP suffers worst quarterly fall for 30 years

Telegraph
"Britain has suffered the worst quarterly fall in GDP for almost 30 years, raising fears that the country's fiscal situation is far worse than expected. ...The pound fell 1.73 cents against the dollar to $1.4323 on the GDP revision, which reinforced the concern of the International Monetary Fund that Britain could be the worst affected by global recession. .....David Miles, Morgan Stanley's chief economist, warned that public debt could now rise to 70pc if the banks needed more financial support."The fiscal situation is far worse than anyone imagined 12 months ago, yet gilt yields are lower: is this sustainable?" said Mr Miles, who is due to take over from David Blanchflower on the Monetary Policy Committee in June."