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To: Les H who wrote (197941)	4/23/2009 10:53:47 PM
From: Bank Holding Company	Respond to of 306849

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To: Les H who wrote (197941)	4/24/2009 7:06:17 AM
From: DebtBomb	Respond to of 306849

British economy shrinks 1.9 percent in Q1 British economy shrinks 1.9 percent in first quarter, biggest decline in nearly 30 years LONDON (AP) -- The British economy shrank in the first quarter at its sharpest rate since the early days of Margaret Thatcher's government 30 years ago as the financial crisis continued to wreak havoc on banks, retailing and manufacturing. In its first estimate for the January-March period, the Office for National Statistics said Friday that gross domestic product, or GDP, contracted by a massive 1.9 percent from the previous three month period -- the biggest drop since 2.4 percent posted in the third quarter of 1979. That was far more than the 1.6 percent decline posted in the fourth quarter of 2008 and above analysts' expectations for a more modest 1.4 percent drop. This was the first time two successive quarters have contracted by more than a percentage point since records began in 1948. The latest decline means that Britain's economy has shrunk for three consecutive quarters and there are very few indications that things will improve in the near future. finance.yahoo.com