Access Investments-European Union- ROMANIA

BRITAIN'S economy SHRANK for the first time since the recession in the run-up to Christmas — shock figures showed today. Output DROPPED by 0.5 per cent between October and December — beyond even the gloomiest predictions in the City. The Office of National Statistics put ALL the slide down to the coldest winter for 100 years. But experts said the figures put huge question marks over the recovery — and the record of the Coalition. CBI chief Richard Lambert yesterday slammed the government for its lack of a "vision" on growth. Charles Davis, economist at CEBR, said: "Clearly, even without the effect of the weather, the data points to a complete loss of momentum in the recovery. "Few of us could have expected such a sharp contraction in output. "And the UK economy now faces the prospect of returning to recession." The Chancellor admitted the figures were a disappointment — but said the government would "not be blown off course by bad weather". George Osborne insisted he had no intention of letting-up on the government's spending cuts. He said: "There is no question of changing a fiscal plan that has established international credibility on the back of one very cold month. "That would plunge Britain back into a financial crisis." The ONS revealed the biggest drop in output between October and December came in construction — 3.3 per cent. Hotels, restaurants and air transport also shrank in the winter freeze.