Britain's "awful" gross domestic product figure for the fourth quarter is pushing the country closer to a double-dip and limits the central bank's ability to fight rising inflation, analysts and business leaders said Tuesday.
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Sharon Lorimer / CNBC.com |
The UK was the first country in the G7 to release economic growth figures for the last quarter of last year and the 0.5 percent GDP contraction, instead of an expected 0.5 percent expansion, sent the pound 1 percent lower against the dollar [GBP=X 1.5816 
0.0003 (+0.02%) 
] and the euro [GBPEUR=X 1.1549 
-0.0004 (-0.03%) ] and knocked down European stocks.
David Blanchflower, a former Bank of England Monetary Policy Committeeknown for his dovish stance and currently a professor of economics at Dartmouth College, said the figure was "awful, dreadful." Read more
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