Telegraph
"We were expecting something bad. But this was truly more horrific than even the most pessimistic among us expected. After the revelation a few weeks ago that the construction sector suffered an almost unprecedented collapse in output in the first quarter there was little doubt that the Office for National Statistics’ estimate that the economy contracted by 1.9pc in Q1 was too generous.But the worst most economists thought that could be cut to was around 2.2pc. News that it was in fact a shocking 2.4pc contraction came as a surprise this morning, causing judders in both the equity and gilt markets."
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