Britons shied away from spending on big-ticket and luxury items in October, leading to the weakest sales growth in almost a year, according to the British Retail Consortium (BRC). Meanwhile, expansion in the UK's services sector – which accounts for three-quarters of UK GDP – slowed to a crawl as new business failed to make up for projects completed during the month.
Chancellor George Osborne had seized on news last month that the economy emerged from double-dip recession, growing by 1% in the third quarter of 2012, as evidence that his policies had put Britain "on the right track". But early signs for the fourth quarter now suggest the economy could shrink again, raising the prospect of a triple-dip recession.
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