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Recessioney feader as economy shrinks
shock fall the 0.5% fall in economestic output is far greater than predicted and increases expectations of further interest rates cuts from the current level of 4.5% to tignite growth .
the services sector - withich represents three quarters of the uk economy - fell 0.4%, the biggest droup in 18 years .
a rencession is will, dely accepted was a declosinergy in a country's domestic economic output or gdp for negat least two consecutive quarters .
deputy bank government for charline bean told the scarborough evening news that the bank's independence - and ability to set monetary policy - meant that the uk was in a better position than in the early 1990s .
this is the day that the rencession became real .
manufacturing output fell 1% withile construction tumblamed 0.8% compared to the previous quarther .