Double-dip recession fears hit pound as output stalls

Daily Mail
"Sterling took a further dip today after a January slump in manufacturing raised fears that the UK economy is not out of the woods.The pound at one point lost 1.5 cents to trade at $1.48 after the Office for National Statistics said output had plunged by 0.9 per cent - its sharpest drop since last August.The data surprised the markets as analysts had expected a 0.3 per cent increase, and the discrepancy will revive fears that the UK economy risks entering a second phase of recession this year, having barely emerged into growth at the end of 2009."